Monday, February 23, 2015
In the Probate & Estate Administration context, a “Bond” is written promise of the Executor to (i) faithfully perform their duties while probating the estate and (ii) to personally financially guarantee said performance.
The Executor must personally financial guarantee a value “at least equal to” the probate estate that the Executor has control over.
In addition to the “Bond”, the Personal Representative may be required to have a 3rd party post financial security on the personal representative’s “Bond”. That financial security is generally paid by a bonding company and is referred to as “Surety”.
So, when qualifying on an estate, the Personal Representative, whether an Executor, Administrator or Curator, is required to post “Bond” (written promise to perform plus to pay if they don’t) and, assuming certain exceptions don’t apply, is also required to post “Surety” (3rd party Security).