0
What I understand from just googling it is that a probate bond is a means of ensuring that the executor or administrator of an estate will administer the estate properly and not make off with the dead person's money. It ensures this by making the executor or administrator post a bond which I think is like getting insurance.
The executor/administrator (let's say "Dude") pays an "insurance premium" to the bond company ("insurance company,"), and if Dude messes up the estate, the bond company will then have to pay whoever was hurt, but can then come after Dude's butt to make him or her reimburse the bond company.
Also, I think Dude takes the insurance premium out of the estate itself, so that he/she doesn't have to pay it out of pocket.
Lastly, not everyone can be Dude, because a lot of people are rejected for having bad credit. That is to say, the bond company doesn't trust them not to steal stuff from the estate because their credit is so bad, and so won't insure them. This part doesn't make sense to me, because there's a big difference between being poor and being a crook, but hey, I didn't make the rules.
What else can I help you with?
Can us savings bond be considered subject of probate?
Assets of any kind can be subject to probate.
When a person dies can anyone sale a bond?
No, not just anyone can sell a bond. In this case it would have to be the executor of the estate. They will have to include the bond in the inventory and assets. Their letter of authority from the probate court will allow them to sell the bond.
How do you get letter of administration to be given bond as of administratrix in?
You must petition the probate court to be appointed the administrator of the estate. If you are appointed you will need to post a bond and you will be issued Letters of Administration.
Can no bond be set for executor on will?
The testator can specify that no bond be required. It is a common clause often found in both standardized wills and forms. Consult a probate or estate attorney in your area for the specifics that work in the place you live.
A War bond that was left to your father from 1945 your great uncle died and left it to your Dad there are no names on it that you recognize What do you do with it?
What is the name of the agency that issued the bond? Try to find out what it would be worth now and if it is worth anything you will need to open up probate for your father at the county courthouse probate court where he died to cash it in and distribute it to his legal heirs. See my bio if you need assistance.
Do you need a wills and probate expert?
To write a Will or probate a Will- yes.To write a Will or probate a Will- yes.To write a Will or probate a Will- yes.To write a Will or probate a Will- yes.
What is the purpose of being bonded to gain access to deceased husbands assets?
If the will does not specifically state that no bond shall be required of the Executor of the estate, then the Probate Court MAY, place the requirement of such a bond upon you. This bond would become the 'insurance policy" to the estate that you perform and carry out your duties as Executor properly and correctly.
What is the difference between probate assets and non-probate assets?
Probate assets are part of a deceased person's estate that go through the probate process, while non-probate assets pass directly to beneficiaries outside of probate. Probate assets include property solely owned by the deceased, while non-probate assets include assets with designated beneficiaries or joint ownership.
What does without bond mean in probate?
Without bond means that the administrator, executor or trustee is not required to acquire a surety (an insurance policy basically) to ensure faithful execution of fiduciary duties. This does not mean, however, that the court won't require you to sign a personal bond, it just means you won't have to pay for one up front.
Can a beneficiary ask what an estate is worth?
Yes. The beneficiary can also visit the probate court and request to see the probate file. The inventory of the estate can then be reviewed once it has been filed with the probate court.Yes. The beneficiary can also visit the probate court and request to see the probate file. The inventory of the estate can then be reviewed once it has been filed with the probate court.Yes. The beneficiary can also visit the probate court and request to see the probate file. The inventory of the estate can then be reviewed once it has been filed with the probate court.Yes. The beneficiary can also visit the probate court and request to see the probate file. The inventory of the estate can then be reviewed once it has been filed with the probate court.
Mom passed away without will the condo was in your and her name does it have to go to probate?
Probate in your state may have a monetary limit in order to require probate. A local probate attorney can answer your question.
What kind of court administers wills?
Probate Court.
