What Is A Probate Bond?
A probate bond is essentially the same as an estate bond, executor bond, or fiduciary bond. When a person dies, usually a will is left. The probate bond, purchased by the will executor, ensures that the wishes of the deceased as expressed in the will are carried out ethically and honestly. In cases of fraud, the probate bond will reimburse those affected. This may also be required of those taking care of someone who is disabled and cannot care for his or her own assets.
Before an executor purchases a bond from an agency, he or she must submit themselves to a credit check, have their application approved, and go through other screening processes.