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A probate estate bond protects the estate of a deceased person from incompetence or abuse on the part of the estate executor. On a fundamental level, the probate bond acts like an insurance policy that compensates the beneficiaries if the executor commits egregious errors or malfeasance in the handling of the estate. Here’s more about probate estate bonds and how they work.

What They Are

First, understand probate and the role of the executor. Probate is a legal administrative process in which an estate is settled. It involves submitting the deceased's will to the courts, taking an inventory of assets, notifying beneficiaries, paying the estate's debts and taxes, and ensuring the distribution of property to the named heirs.

The executor is an individual appointed by the deceased in their will or by the courts. The executor oversees the process and undertakes the aforementioned responsibilities. Sometimes called an estate bond, executor bond, fiduciary bond, or probate bond, a probate estate bond is a security measure that helps guarantee the executor fulfills these responsibilities.

How They Work

probate estate bondSome states, including Ohio, require all executors of wills filed in county courts to secure an estate bond before the probate process can commence. The testator, however, can waive the bond requirement when writing their will.

The amount of the bond depends on the total value of the estate. The executor applies for the bond, and the bond agency will typically run a credit check. When approved, the executor pays a small portion of the total bond to secure the funds in it.

If the executor does not fulfill their assigned duties, either through neglect or fraud, claimants to the estate can file a claim against the bond. The surety company will investigate the claim and determine if it is valid or invalid. If it is valid, the executor must settle the claim; if they do not, money from the total bond amount is paid out to the claimant as compensation, and the executor is responsible for repaying the surety company.

 

The first step in obtaining a probate estate bond is to request a quote, and Bob Shropshire Bail Bonds is here to help. Serving the Cincinnati, OH, area, they offer both traditional bail and estate bond services, as well as affordable car insurance options. They are available 24/7 and are committed to making the bond process accessible and stress-free. Call (513) 721-3915 to request a quote, or visit them online to explore their services.

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