When someone passes away or becomes too infirmed to manage their assets, often times a will is left behind. If they do not possess a will, their items will be dispersed according their state’s probate procedure. During this process, the court can designate an executor to assist with the property’s process of distribution.
When secured by the executor of the will, a probate bond justly enforces wishes of the deceased are truthfully and honestly executed in good faith. Such wishes can include identifying the estate’s property and assets appropriately, establishing possible beneficiaries and handling any remaining property debts. The executor of the will is tied by the probate bond to not steal and escape with the person’s property.
If theft, errors, misrepresentation, negligence or fraud takes place, probate bonds provide reimbursements for all who are affected. Prior to purchasing a probate bond, the will’s executor likely will need to submit an application to be approved, which includes a credit check.
Probate bonds offer coverage for rightful heirs and beneficiaries of an estate, as well as ensure all qualified parties named in the will receive their proper allocations.
Many authorized districts feature children and spouses receiving precedence when it comes to the receiving of allocations from an estate’s property and finances. Should others attempt to acquire an allocation prior to them, the executor of the will must emerge and serve as the situation’s moderator.
The executor of the will likely will face a civil lawsuit brought on by the beneficiaries in the event of not fulfilling their estate responsibilities. Criminal consequences are possible, depending upon the seriousness of the violation. Probate bonds provide needed protection in the event of these situations.
Probate bonds are a vital part of the probate procedure. It can also be specifically stated by the person if they wish their will has an imposing bond for the executor.
Assisting with probate bonds is something the Neff Insurance Group takes great pride in. We have the knowledge and experience to advise clients on how to create and establish a probate bond, as well how to confirm it is enforced on the behalf of a beneficiary.
Contact us at (513) 896-6700 today.