Executor bond is also known as the probate bond, estate bond, and fiduciary bond. When someone passes away, their 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.
Executor bond is required to protect the deceased and beneficiaries from fraud or embezzlement of the estate or assets. For instance if the executor of the will takes the inheritance and doesn’t pay the creditors, they will be able to recover these amounts from the bonding company.
Executor Bond can be issued on the same day of receiving a signed application & court documents. It is subject to credit verification.
Estimated rate for a court bond is $5 per thousand, e.g. a $100,000 executor court bond runs around $500/year.
All court bonds are issued in house and on the same day upon final approval.