Probate Case Surety Bond Protection

  • June 22, 2024
  • 2 min read

So what is a surety bond for a probate case? Anytime there’s a probate case where there’s money being distributed because of a deceased person or death in the family, there’s a lot of money at stake and usually there’s an executive of the estate that parcels out the money. Who are the heirs? Who are the people that are supposed to get the money from the will or the probate to get the assets of that deceased person, usually family members?

Purpose and Protection
So, there’s a lot of room for error or even U Mal. A surety bond for probate puts up a bond so that if anything goes wrong, if the wrong person gets the money, or somebody steals the money, or somebody intervenes and misdirects assets, there’s a bond that makes whole the people who lost out on that. And it could be for a guardianship, it could be for an estate.

Recommendation for Estates
We highly recommend that anytime there’s an estate with more than $100,000 or $200,000 worth of assets that there’s a surety bond in place for the executive or even for the estate itself to make sure that if there’s any claims later that somebody was cheated out of their money, maybe a relative or descendant of the deceased person didn’t get what’s rightfully theirs, that there’s a way to make them whole with this surety bond.

Ensuring Accountability
If you are in a family where somebody’s deceased and there’s in the future some money going to be distributed, make sure that you find out who the executive of the estate is or who’s handling that estate and make sure that there’s a surety bond for that person and regular reporting. You want to make sure that every month you get a report of the assets and where they’re going and where they’re supposed to go and make sure those two things match up.

Asset Search and Protection
You also want to probably run an asset search to make sure that all the assets are accounted for, but that surety bond will make sure that if there are any problems, they’re handled properly and that there’s funding to fix any financial problems that occur because of accidents or intentional theft of an estate.

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