Although it seems the trend lately is to waive a trust and will bond, there’s good reason to consider requiring them. Of course, it will save a few minutes for your personal representative and a few dollars for your estate. But at what cost?
There are no guarantees in life or death.
Even the best estate plan with a well-qualified attorney isn’t guaranteed. You can start early, develop a simple but comprehensive plan, carefully vet the trustee and several successors, and then, when you’re gone, everything can go bust.
Sure, your documents say what is supposed to happen. You spent a few percent of your annual income to draft the plan. You trust your representatives; after all, you spent months vetting them. But if it doesn’t go as planned, who is responsible? What if your representative becomes unqualified, insolvent, and misappropriates your estate? What if they become ill and are unable to serve? Who will reimburse your estate?
A surety bond is the final stop.
Probate court bonds and trustee bonds offer many protections. First, they set a minimum bar to demonstrate financial responsibility. Bonding companies will vet your appointee for you, eliminating the need for you to ask difficult questions.This means if your appointee is financially unqualified, according to a bonding company, goes through bankruptcy, loses their job, and later shows they are not fiscally responsible, they won’t qualify for the bond. Second, if bonded and fail to handle affairs according to documents, a court can order the bond reimburse your estate. The bonding company could pay back your estate for losses and make it whole.
Are your representatives qualified?
While there are many circumstances in which a probate bond is not appropriate, consider your options carefully. It’s one of the most comprehensive steps you can take to ensure your final wishes are completed as you wish. Things always change, and there’s a good possibility your selected representatives won’t be available. A stranger might be in charge.
How to get an estate bond or trustee bond
Our agency issues more probate court bonds in a week than most agents do in a year. We offer online applications, quick response times, and the best pricing available. Apply online for a probate court bond or Download PDF Probate Court Bond Application.
