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Probate Bond
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What Is a Probate Bond?
Like other surety bonds, a probate bond is a contract between three parties. In this case, it is issued based on the performance of a personal representative handling the estate of an individual who recently passed away. This bond can help protect the family, heirs, recipients, or loved ones of the deceased in the event that the personal representative fails to properly perform their duties. While procuring this sort of bond isn't required, the protection it provides can offer peace of mind and is often a wise idea.
When Do You Need a Probate Bond?
When a guardian or a personal representative is appointed by the court, a probate bond might be deemed necessary. This bond is a type of surety bond required by a court to ensure estate assets will be managed and distributed properly by a court-appointed fiduciary. Most typically, insureds needing these bonds are family members or trusted friends of a person who has recently passed away.
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