Executor

Guarantees faithful performance of duty by a fiduciary named in a will and appointed by the court as executor.

An executor bond is also known as the probate bond, estate bond, and fiduciary bond. When someone passes away, the estate is distributed through probate. Depending on the state, the probate court may require that an executor bond be purchased to ensure that the executors perform their duties correctly.

The executor's bond is required to protect the deceased and beneficiaries from fraud or embezzlement of the estate or assets.

It is the executor's responsibility to protect and take inventory of the assets of the estate, contact beneficiaries and potential heirs, appraise the estate, pay off all of the debts of the estate, make sure that the taxes are calculated and paid, and disperse the assets. In some states, the executor is required to purchase the executor bond to ensure that these duties will be completed according to the will or approval of the courts.

A will may stipulate that an executor bond not be required, this is important because it can be difficult and time consuming to get an executor bond if it is not necessary. The bond can also be expensive and if the executor doesn't have a way to pay for the court order bond the estate and/or inheritance cannot be accessed until the bond is paid for.

The price of the executor bond varies according to the value of the estate and/or the amount of debt.