Bond Amount
Based on Court Requirement
Underwriting Criteria
Instant Issue if bond amount is less than $10,000
Requiring Entity
County of the Superior Court of the State of California in which the bond is filed
Who is Required to Secure this Bond
Any person who is determined to be the executor or administrator of an estate may be required to obtain the appropriate bond as determined by the court. An executor is a fiduciary named in a will to administer and estate. If a person dies without leaving a will, a court will appoint an administrator to settle the estate of the decedent. The bond amount and specific requirements are determined by the court. The bond amount will vary depending on the circumstances of the case and the assets involved.
Why is the Bond Required
The bond is required to ensure that the administrator or executor faithfully carries out the directives of the will or court order with regards to the estate. The bond cannot be terminated until the court acknowledges that the fiduciary has properly performed all duties and orders. The bond protects against any fraud or embezzlement that could be perpetrated by the executor or administrator.
Who is Protected Under this Bond
The bond protects the assets of the estate from any fraud or embezzlement by the administrator or executor. In doing so, the bond protects the heirs of the will or estate and ensures that all assets are distributed according to the will or court order.
Underwriting Process
The bond amount for a administrator or executor can vary dramatically based on the estate assets and court requirements. However, if the required amount required is under $10,000, the bond will be INSTANTLY ISSUED, upon receipt of completed application and necessary court documentation.
If the bond amount is greater than $10,000, the applicant will be required to supply a completed application, court documentation and a personal financial statement. Upon receipt of these items, the application will be review and a response as to approval will be provided within 1-2 business days.
What you Need to do Once you Have your Bond
Once the bond has been issued and released to the client, it must be filed with the Court. The bond will remain in effect until the court acknowledges that all duties performed by the administrator or executed have been faithfully performed and a formal discharge is issued.
* Please be advised that the quote you obtain for this bond may include a fee charged and retained by The Bond Exchange.