The probate bond is a tool often used in the probate process when an estate executor is taking steps to distribute someone's assets after his or her death. Here are the basics of the probate bond.
The probate bond is a type of bond that the executor of an estate is required to purchase. The executor of the estate has to purchase this type of bond in order to guarantee the courts, the creditors of the estate and the beneficiaries that he will carry out the wishes of the deceased properly. This is a measure that will ensure that the proper value of the estate is going to be distributed.
Purchasing a Probate Bond
When the executor of an estate is getting ready to perform his duties, he has to purchase a probate bond from a bond company. After purchasing the bond, he has to take it to the probate court to prove that he has purchased it. The size of the bond has to correspond with the value of the estate that he is distributing. Until the court knows that a bond has been purchased, the executor will not be able to start the process.