It’s not uncommon for a family member to pass away without a will. Whether it’s because they don’t want to confront the end of their life approaching or simply don’t think they have enough assets to make preparing a will worth it, it’s understandable. But if you don’t prepare a will, there could be some unintended consequences and distributions based on current intestacy laws.
The decedent’s next of kin is likely to receive the probate estate, but that may not be what the deceased would have wanted or preferred. Your assets may be distributed to someone you had a falling out with. The law doesn’t care about your personal relationships or favorite son; it’s all about where that person falls among the familial hierarchy according to the applicable intestacy laws. Things can even get complicated for lawyers. Learn more about why you should create a will.
Another complication of someone dying without a will is that wills are able to waive the requirement for a surety bond for executors and trustees. Without a will, estate surety bonds are generally required before the bonded person is appointed to manage the estate to protect against malfeasance while administering the estate. These bonds are required by the court prior to being able to be appointed and are generally required to protect the interests of the estate and its beneficiaries according to the applicable state’s laws.
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!