Probate Bonds

WHAT IS PROBATE?

bondsProbate is the legal process by which an estate is settled.  Whether an estate has a will or not, the process of probate guides the steps that need to be taken on behalf of the deceased.  The probate process involves three main steps:
  • Categorize all assets of the deceased
  • Settle all debts
  • Disperse balance of assets to beneficiaries

A Probate Court oversees the probate process. Because these courts are state courts, the regulations they follow vary from one state to another. However most of the courts follow a similar set of steps to probate an estate:

  • Notification of heirs, creditors and representatives
  • Inventory all assets and property
  • Distribution of the estate


WHAT ARE PROBATE BONDS?

Probate bonds, also referred to as executor or administrator bonds, are surety agreements that cover the probate process. Required by the Probate Court, a probate bond ensures that all terms of the will are carried out by the executor accurately and without negligence.

The amount of the bond depends on the value of the estate (or can be as little as the amount of outstanding debts). Any amount less than the value of the estate has to be agreed upon by the heirs.

The bond guarantees to the court, heirs and creditors that the executor will carry out all the terms of the will accurately. If the executor or administrator mishandles assets of the estate, the heirs and creditors can make a claim against the bond.


NEED A BOND IMMEDIATELY?

Ford & Thomas works closely with the courts throughout the state of Virginia to issue Probate Bonds. If you need additional information or are an executor that has been informed by the court that you need a probate bond, please contact us today @ (804) 266-7696.

Contact Information

ADDRESS:

6809 Stoneman Road
Richmond, Virginia  23228
Directions
PHONE & FAX:

Office:  (804) 266-7696
Fax:  (804) 261-7945
Toll Free:  (888) 758-2051

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