Ai Surety Bonding is a leading Canadian Surety Bonding Insurance Brokerage.
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A Waiver of Probate Bond is typically required by financial institutions or private companies in lieu of probating estate. Mostly these bonds are required to transfer assets like stocks, investment funds on the name of the beneficiary of the estate without the need to acquire a probate letter.
In lieu of getting a will probated, which can be costly, financial institutions, transfer agents, etc. may ask the Executor of the estate to post a Waiver of Probate Bond.
The Waiver of Probate Bond enables the financial institution to re-issue bonds; stocks, etc. to the name of the estate executor so that the estate can be liquidated and distributed amongst the estate heirs.
The bond protects the financial institution/transfer agent in the event that a legitimate claimant comes forth to make a claim against the stock owned by the deceased.
The waiver of probate bond is inexpensive and less time consuming as compared to probate bonds.
Please contact an Ai Bond Specialists to learn more about the price and application process for the bond.
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