Estate planning is one of the most important steps a person can take to protect their loved ones and ensure their assets are handled properly. A well-thought-out plan can help avoid probate, reduce stress for the family, and limit the involvement of the courts. But even with a good plan in place, probate may still become necessary. When it does, the court may require something many people have never heard of: a probate bond.
A probate bond, also known as a fiduciary bond, is a form of insurance that protects the estate and the people who are set to inherit. The court may require the person in charge of managing the estate to purchase a bond as a safeguard. If that person misuses funds or fails to carry out their duties, the bond provides a way to recover financial losses.
Why Would the Court Require a Bond?
The court often requires a bond to ensure accountability. This is true even when someone is named in a will. Being named does not automatically give them the legal authority to act. The court still has to approve them and may require a bond first.
Here are a few common situations where a probate bond might be required:
-
The will does not include language waiving the bond
-
The estate contains real estate or valuable assets
-
There are disputes among heirs or family members
-
Not all heirs agree to waive the bond requirement
-
There is no will, and the court must appoint an administrator
-
The person applying to be executor or administrator is not closely related
Estate Planning Helps, But It Doesn’t Always Cover Everything
Attorneys like Adam Fried and Arthur Gibbs provide great insight on how to avoid probate through smart planning. Tools like trusts, joint ownership, or transfer-on-death affidavits can keep property out of the court system. These are great strategies, but things do not always go as planned.
People forget to update documents. Beneficiaries pass away. Assets get overlooked. When that happens, probate might still be necessary, and the court could require a bond before allowing someone to take control of the estate.
Where to Get a Probate Bond
If you have been appointed to serve as an executor, administrator, or guardian, and the court is asking for a bond, we can help. Our team works with individuals and attorneys across many states to provide fast, affordable probate bonds. Most bonds are issued the same day.
Visit www.ProbateCourtBond.com to learn more or start your bond request now.
