In New York Surrogate’s Court, it’s not uncommon for boilerplate language to be written into a will that waives the requirement for an Executor to have to purchase an estate surety bond to protect the interests of the estate and its beneficiaries in accordance with state law.
There are, however, some probate situations where a court may require a fiduciary to purchase a surety bond in order to be appointed Executor.
One example is when the Court is asked to issue Preliminary Letters Testamentary, Surrogate’s Court Procedure Act Section 1412(5) allows the Court to require a bond of the Executor if it feels it necessary to protect the interests of the estate and beneficiaries in accordance with state law. Learn more about Executor bond requirements in New York Surrogate’s Court.
Where can you instantly purchase an 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!