Administrator and Executor bonds can as well be Probate Bonds. The County courts in New York require them of individuals that are asked by the courts to administer the deceased (s) estate. They basically provide a guarantee that the debts pertaining to the estate be satisfied. The assets that are left over will be then be correctly distributed to the respected heirs. Due to potential inadequacies that may take place, the surety company most likely will require an attorney assist the applicant. Markets are available for applicants that qualify without an attorney. The court will advise of the bond amount. Annual premiums are required with payment being made until settlement of the estate takes place.
Executor Bond – This bond is needed when a Will is left by the deceased and named another individual to be the executor. A copy of the Will has to be provided to the surety so they can review and determine the handling of the estate in New York.
Completing our application allows the underwriters at our office to provide you with a specific quote for the exact bond you need. After you submit our online application, we will respond and get the process going immediately!