An administrator/Executor of Estate bond is a type of probate bond that guarantees the administrator will act ethically & legally, complying with all laws of the state the estate is being probated in; administering the assets of the estate until they have filed the final accounting with the probate court and the probate court has provided the final account and provided a written release of the bond.
Before an administrator can purchase a bond, they must submit themselves to a credit check, have their application approved, and go through other screening processes.
Whenever a second party is held responsible for another person's assets, there is an element of risk involved. To help ensure funds are not misused, the court may require the Administrator to get an Administrator Bond. The purpose of the bond is to ensure that the individual appointed to oversee the deceased’s assets pays off the deceased’s creditors and taxes, as well as distributes the estate in the way the deceased would have liked to those who are entitled under law.
As a national bond broker with a full line of commercial surety bonds, Allstar Surety makes applying for an administrator bond easy. We’ll help your insured obtain an administrator bond from us quickly, and at a competitive price.