These surety bonds are the same as “Probate Bonds”. As required by the court, an Executor Bond guarantees faithful performance by the executor of an estate in the proper allocation of the assets of the deceased or incapacitated individual with whom they owe a fiduciary duty to.
Frequently, fiduciaries, executors, and/or trustees are required to be bonded before they will be entrusted with the task of taking care of a person’s affairs in the event of their death or incapacitation. These court bonds ensure that the fiduciary handling the probate matter will be as thorough as possible, and will not engage in dishonest legal practices. This is why it so important to name a bonded executor to handle one’s final business.
As previously mentioned, Executor Bond is synonymous with the term “Probate Bond”, which is what this type of bond is most often referred to as. Other common ways of referring to “Probate Bonds” are “Executor Bonds”, and “Fiduciary Bonds”.
More Information: For more detailed information on the today’s market for executor bonds, and our agency’s program offerings please see our page on probate bonds.