Executor Bonds, also known as “administrator bonds”, “estate bonds”, “fiduciary bonds”, or “probate bonds”, are issued to individuals who have been appointed to administer the estates of deceased persons. Upon an individual’s death, a probate court will oversee the estate to ensure that the deceased’s wishes are carried out according to the will. The party named in the will or appointed by the court to oversee the estate is referred to as the executor. Executors may be responsible for protecting and disbursing the estate’s assets, contacting beneficiaries and potential heirs, having the estate appraised and ensuring taxes and debts are paid. These surety bonds serve as a safeguard against potential acts of fraud and misrepresentation perpetrated by the executor, as well as the misappropriation of allotted funds. Executor Surety Bonds give the family members, heirs and other stakeholders in the estate an avenue of recourse if the executor acts illegally. If a claim is filed against the principal (executor) and it is found to be valid, the surety would pay out up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including attorney’s fees.
Bond amounts vary depending on the estate’s value, the amount of coverage required by the court and the financial credentials of the executor. Pacific Surety offers industry low rates on Executor Surety Bonds and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.