Probate


Why Do I Need A Bond?

The process was started because someone requested that the probate court name a fiduciary to execute the administration of an estate. The court has been made aware of liquid assets or real estate in the estate that need to be protected in the amount of the bond ordered. The bond is a kind of insurance policy that protects the estate from losses you cause it, up to a certain dollar amount. The application for the bond is an “indemnity contract”. If, for any reason, the court deems expenditures the fiduciary has made are erroneous, they would make a claim against the fiduciary and THE UNDERWRITING COMPANY will be surcharged. The underwriting company would replace the funds in question and sue the fiduciary for that amount plus all costs and fees incurred. What are my responsibilities under this contract?
  • maintain an attorney of record throughout the administration of the estate.
  • file all accounting and other documents request by the court, timely.
  • notify the bonding agency of all petitions and accounting .
  • provide a discharge with cancellation of bond to the agency once the estate has been fully administered and closed by the court.


CONSERVATOR

A conservatorship is a court case where a judge appoints a responsible person or organization (called the “conservator”) to care for another adult (called the “conservatee/WARD”) who cannot care for himself or herself or manage his or her own finances. Conservators have many responsibilities, and in addition to carrying out any specific Court orders, are responsible for managing, preserving, and administering assets owned by and for the benefit of a Protected Person.
  • For Conservator Bond Provide:
  • 1. Probate Surety Bond Application (LINK)
  • 2. Bond of Fiduciary (LINK)
  • 3. Original petition for Conservatorship filed with the court
  • 4. Court order for bond
  • 5. Copy of Driver’s License or State ID (front and back)

TRUSTEE

A trust is a legal entity in which you can place assets, like property or money, so that your beneficiaries can access them after certain conditions are met (such as your death). A trust works kind of like an account that you put assets into, but then the trust itself is the legal owner of the assets. You create one with a trust agreement document, which lays out what assets are in the trust, who manages the trust, how they should manage it, and who receives the assets when some preset conditions are met. The grantor, or creator of the trust, adds assets to the trust. Then someone, known as the trustee, acts as custodian. The trustee is not the owner of the assets. They are simply managing the trust. When the time comes to pass on assets to the beneficiaries, the trustee oversees that. In some cases, a trustee may have to manage the trust for years until a beneficiary reaches legal age (usually 18).
  • For Trustee Bond Provide:
  • 1. Probate Surety Bond Application (LINK)
  • 2. Bond of Fiduciary (LINK)
  • 3. Copy of Trust filed with the court
  • 4. Court order for bond
  • 5. Copy of Driver’s License or State ID (front and back)