What does it mean for the probate estate administrator in to post “bond and surety”?
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What does it mean for the probate estate administrator in to post “bond and surety”?
My brother and I are named as executors in my mother’s Will for her estate. He intends to decline but I live out of state so I will have to accept and appoint him as agent. The probate court also gave me a form to post (or not to post?) bond and surety. The estate is small and neither my brother nor I have money to retain a lawyer; and no lawyer seems interested in taking such a small troublesome probate account. How can I post a bond or surety if I have no funds? The Will stipulates that no bond is needed.
Asked on October 3, 2011 under Estate Planning, Maine
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. A surety bond is basically an insurance policy for the beneficiaries of the estate that allows them to collect in case you as the fiduciary do something with their inheritance. It protects you as well because if you were sued then the money is there should the suit be sustained. Now, they are expensive - or can be depending on the size of the estate. But if the Will sates that no bond is needed for your services then the decedent has waived the right to have to have you post and you can then serve with out one. So fill out the form NOT to post a bond and surety. Good luck to you.
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