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The purpose of probate is to administer the estates of deceased persons, both those with and without wills. If there is a will, it must be proven valid. If proven valid, the estate must be administered according to the terms of the will. The court will appoint the executor named in the will. If no executor is named, the court appoints an administrator.
Under Florida law, two types of probate administration exist. These are formal administration and summary administration. Summary administration allows the streamlined administration of estates valued less than $75,000 or if the person has been deceased for over two years. A personal representative need not be appointed under the summary administration process.
In the state of Florida, probate bonds are mandated by law under the formal administration process in order to protect all interested parties from the potential of fraudulent activity by the executor or administrator. A probate bond is one of many types of court bonds that are required for various court proceedings. All court bonds fall into the general category of surety bonds.
Probate bonds are also known as executor bonds, estate bonds or fiduciary bonds. Much like collateral, the bond is backed by money to guarantee that the executor or administrator will properly allocate the deceased person’s assets.
There are several other types of court bonds. Cost bonds ensure that the costs of appealing a court decision will be paid. Plaintiff’s bonds ensure that damages suffered by an exonerated defendant will be paid. Indemnity to sheriff bonds protect a sheriff from a potential lawsuit by a party whose property is being seized.
The probate process is often stressful for the family affected. At least some of that stress can be lessened by taking advantage of the services offered by a bond company. Simon Insurance Agency is a bond company that specializes in all types of surety bonds, including not only court bonds and probate bonds but also license bonds, contract bonds and permit bonds.
If you’re an executor or administrator of an estate and need help securing bonding, we at Simon Insurance are here to help. Just fill out the online bond application or call 561.948.4141 for a quick, free quote.