Probate Bonds

Written by Michael O'Brien
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Probate bonds pertain to a very specific aspect of a party's legal responsibilities in financially related circumstances. Just as construction companies, auto dealers, and other individuals or organizations are bound by lawful, responsible business practices, so too are those in certain areas of the legal profession.

Probate Bonds: Legal Responsibility

One of the most common types of probate bonds falls under the category of what is called the fiduciary bond. This pertains to the legal settlement of monetary affairs when an executor is named to take responsibility for an individual's property and money.

There are several situations where the mishandling of such a matter can cost people quite a bit. What if a home is not properly appraised? What if there are sources of money that are overlooked? This is why a fiduciary attorney must have probate bonds. If some kind of mismanagement occurs, the surety company issuing the bond will take financial responsibility.

Strict Requirements

Often, fiduciaries, executors, and trustees are required to be bonded before they will be entrusted with the task of taking care of a person's affairs in the event of their death or incarceration. This ensures that the fiduciary handling the probate matter will be as thorough as possible. It also means that they can be trusted to not engage in dishonest legal practices. This is why it so important to name a bonded executor to handle one's final business.

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