Probate Bonds

After someone dies, their property and assets must be distributed through a process known as probate. If there is a certified will, then it will appoint an executor and they will look after the estate in accordance with the provisions of the will of the deceased. If there is no certified will, then the court will appoint another person to handle the affairs of the estate. In either case, the person who ends up looking after the dispersal of assets and property will have to post a type of security known as probate bonds that protect the assets of the estate during the period that the executor is sorting out the details of the estate. Get them at www.bfbond.com.

Probate Bonds

There are a number of common things that happen during the probate period that must be supervised by the executor of the estate. They include:

  • identifying all property and assets of the estate
  • completing an inventory of these assets
  • appraising and valuating the estate
  • paying taxes and creditors of the estate
  • supervising the dispersal of assets of the estate in accordance with the will or by the approval of the courts

All property and assets of the deceased must go through the probate process before they can be distributed to the heirs of the estate. The only exceptions to this rule are for jointly owned property and assets that pass automatically to a surviving spouse without having to go through this process.

Probate bonds provide a guarantee to the courts and to relatives and heirs of the estate that the process of proceeding through probate is done above board and within all legal requirements and conditions. It protects the estate until all steps have been completed.

 
There are many different types of probate bonds that include:

  • Guardian Bonds
  • Administrator Bonds
  • Executor Bonds
  • Conservator Bonds
  • Receiver Bonds
  • Trustee Bonds

All of these bonds provide security and guarantees to the courts and potential heirs and they cover all different types of situations that may arise after a person has died. Many of these securities cover cases where there is no clear or certifiable will, or when the person who is deceased was a child or mentally incompetent at the time of death. In all these cases, the court assumes the initial protection of the assets of the estate and ensures that the person appointed by them carries out a complete and accurate probate process.

To learn more about the many different insurance services we are proud to provide at Bernard Fleischer & Sons, see our website at www.bfbond.com.  We are committed to working directly with our clients through these legal and financial processes so that all parties are satisfied and confident with the outcome.

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