What Is an Executor Bond?
Executor bonds are a specific type of fiduciary bond that ensures estates are handled appropriately after an individual passes away. Upon an individual’s death, the estate is typically processed through a probate court to ensure their will is carried out.
SuretyBonds.com is licensed to sell executor bonds in every state. We offer the best service, fastest delivery and most affordable prices in the industry.
The executor is the party named in the will to manage the estate. If a will does not name an executor, the probate court will appoint one. Before an individual can officially become an executor, the court might require them to file a surety bond.
If there is no party named in the will, an administrator is appointed to manage the estate. Visit our Administrator Bond Guide to learn more.
What Is the Purpose of an Executor Bond?
Executors hold considerable power over finances, real estate and other significant holdings in an estate. These bonds can protect an estate and its beneficiaries from fraud and illicit acts. An executor surety bond filed with the probate court gives family members and heirs an avenue of recourse if the executor acts illegally.
Depending on the type of estate, an executor may be responsible for:
- Protecting and disbursing estate assets
- Contacting beneficiaries and potential heirs
- Coordinating estate appraisal
- Calculating and paying taxes and debts
How Much Does an Executor Bond Cost?
Executor bond premium costs vary depending on the estate’s value, the amount of bond coverage needed and the financial credentials of the executor. The best way to determine your exact surety bond cost is to request a free quote from SuretyBonds.com.
Due to their inherent risk, executor bond applications require underwriting. Depending on the amount of coverage, court documents outlining the case might also be necessary for approval.
How Do I Know if I Need an Executor Bond?
The best way to determine whether you need an executor bond is to ask the court. Local probate courts regulate executor bonds and requirements vary per state legislation as well as specific bond terms.
If you do need to get a surety bond to become an executor, take the first step by applying online now.
