Estate administrators and executors have a lot of duties in managing estates. They are accountable to all who have claims on a deceased person’s assets. They have to pay claims filed against the estate with estate assets. The assets have to be distributed according to a will, if there is one, or according to their state’s law if there is no will. But how can you guarantee that they perform these duties honestly? After all, they are doing a lot with paying claims with assets that the remainder of will eventually go to beneficiaries. So how do you protect the estate and its beneficiaries and make sure that an estate administrator or executor performs their duties faithfully according to applicable state law?
Surety bonds are often required by the court for estate administrators, executors, and personal representatives in order to guarantee that the estate and estate beneficiaries are protected and that applicable estate law is followed in the management of the estate. The surety bonds provide a form of recovery should the estate be managed in an illegal or improper fashion, for example. They can recover up to the amount of the bond, which should be equal to the value of the assets in the estate at issue.
So how do you purchase a court required estate surety bond?
Colonial Surety offers the direct and digital way to obtain estate bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!