Probate Bonds, also referred to as Fiduciary Bonds, are required by county courts throughout the United States for someone acting on behalf of another either for financial or medical reasons.
Probate Bonds ensure the person securing the bond, the fiduciary, will fulfill obligations according to the will, trust, or other mandated requirements.
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Administrators and executors, commonly referred to as personal representatives, have the role of distributing assets to the beneficiaries of a deceased person's estate.
Executor and Administrator Bonds can be required by a probate court or declared in the will as a financial protection to the beneficiaries, ensuring all assets of an estate are distributed appropriately and in a timely manner.
Guardians (those making medical decisions for the incapacitated or taking care of minors) and Conservators (those taking care of financial decisions for the incapacitated) are charged with many duties until the person passes away, comes of age, or becomes otherwise self-sufficient.
Conservators and Guardian Bonds can be required by a probate court as a financial protection to the individual receiving care and other stakeholders from the actions of the fiduciary. The fiduciary must complete their duties with the protected person's best interest in mind.
Trustees are chosen to administer a trust by dispersing the property and assets to the beneficiaries. A trustee is often an individual selected by the person who created the trust.
The Trustee Bond is financial protection for the beneficiaries that the trustee will act according to the terms of the trust and can be required if the trust dictates it or if the probate court deems a bond necessary.