A probate bond, also known as a fiduciary bond, estate bond, or executor bond, is a type of court bond that ensures that the person appointed to govern the distribution of a person’s assets after their death will complete the duties as appointed to them in good faith. A probate bond is often required by many courts for anyone who is appointed as an executor, guardian, trustee, or administrator on someone’s personal assets. The probate bond ensures that the executor of the will or any other assets will distribute the will according to the wishes of the deceased with full honesty. If for some reason the executor chooses to not follow the wishes of the deceased and fraud occurs, the probate bond will cover any loss from those affected by the dishonesty of the executor. The probate bond is almost always required when someone is appointed to act on behalf of another person(s).
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