Death is an inevitable end for everyone. Most people spend a significant portion of their life accumulating property, but few have provisions for their estate after death. This leaves the family of the deceased with endless court battles to control the property.
Having a valid will is vital to protect your family’s interests. After your death, a probate attorney like Miller & Steiert, P.C. can help your loved ones distribute property legally. A probate court might require various types of bonds before a will’s execution.
These are meant for guardians who have been appointed if the deceased leaves minor children and has no surviving spouse. In most cases, the guardian is named by the decedent, but if this provision is not in a will, the court appoints one. The appointed guardians post guardianship bonds and guarantee that they will faithfully carry out all duties related to the children left behind.
An executor is tasked with managing all affairs attached to the probate estate, including the payment of taxes and creditors and distribution of property. It is common for most people who write a will to waive the fee of an executor bond. If it has not been waived, an executor bond guarantees that he or she will carry out duties according to the decedent’s will.
Testamentary Trustee Bonds
A few wills nowadays create a trust that comes into effect once its creator passes on. A court or a decedent can appoint the trustee tasked with management of the established trust. A testamentary trustee bond is required to ensure that the appointed trustee upholds the wishes of the decedent.
You do not need to worry about naming your will’s trustee, guardian, or executor. The given bonds guarantee that your wishes will be carried out to the letter. The amount of a probate bond primarily depends on the value of your estate and the state’s laws.