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You may find yourself in need of an estate bond if nominated to act as the Executor or Administrator of a family member or friend, in the presence or absence of a will.
A bond is usually required when:
In order to be appointed, an estate bond is often required by the courts, allowing you to distribute the assets as per the will or by law, while also closing all present financial affairs on the deceased’s behalf.
ESTATE BONDS FOR LAWYERS
WAIVER OF PROBATE
An Estate Bond, also known as a Fiduciary Bond or Probate Bond, is a guarantee the individual undertaking this endeavour will deliver on their obligations to the courts and to the deceased’s affairs. That individual is the Principal, and if the principal doesn’t meet the obligations set forth, then the beneficiaries and/or Courts, known as the Obligee, may make a claim. The third party of an Estate bond is the Surety. This is the company that will be paying up on that guarantee if the principal doesn’t follow through as expected.
All Surety involves three parties:
The bond protects the beneficiaries and creditors in the event of improper administration of the estate assets. A bond is usually required where an executor appointed in a will resides out of province, where there is no will or where an alternate executor is applying to the Court for appointment as executor.
The bond states that if the executor fails to perform the duties as agreed then he/she would be liable to pay the entire bond amount. The bond application is always concluded in the city/province/country where the duties are to be carried out. All applications are then analyzed by a judge to verify if all conditions have been satisfied.
Ai’s bonding experts can assist you with acquiring this financial instrument while guiding you through the process using industry-forward knowledge and insight.
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Estate bonds are required by the court and the Public Guardian’s office to protect estate creditors, beneficiaries and in the case of guardianship, the minor and the incapacitated.
When a person becomes an Estate Trustee of a deceased person's estate, unless otherwise provided by law, they are required to provide an Administration Bond to the court as security. The bond is required to guarantee that the Estate Trustee will faithfully fulfil their duties.
The Estate Trustee must act with honesty and diligence in the discharge of their duties. These duties include preparing an inventory of the estate, collecting the assets of the estate, paying the debts of the estate, obtaining a Final Clearance of Income Tax, and distributing the property of the estate according to law.
The fiduciary is an important figure and the nominee and should be one of the highest integrity who is, above all else, dedicated and trustworthy. The fiduciary role is complex and requires managing a sheer volume of tasks.
Applying for an estate bond can be confusing and overwhelming. To help you go through the application process, we have created a list of the documentation you may need. The licensed Surety will provide the Applicant/Court with a bond subject to receipt and satisfactory review of the following documentation:
*Other information may be required depending on the estate size and complexity.
Given the size and circumstances of the estate, costs of the estate bonds will vary from Surety Company to Surety Company.
Applications and forms can be requested by email: email@example.com
In most cases, Estate/Guardian bonds will only be cancelled when a court order is submitted to the surety.
*In certain circumstances, the surety will accept a “Release” from the executor(s) and beneficiaries.
Submit/File a final accounting with the court to get the bond released.
In the case of a Guardian bond, the guardian must file the death certificate and a final accounting with the public guardian’s office who will review and release the bond, thus ending the surety obligation.
Ai Surety Bonding -- Ai Insurance Organization Inc. is the market leader in Canada for surety and related products. Our Surety Experts have the knowledge and expertise in delivering Estate Bonds, Executor Bonds, and Fiduciary Bonds.
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