Bonds

PROBATE BOND - FIDELITY AND SIRETY - VERTERANS BOND

Probate bonds, also referred to as executor or administrator bonds, are insurance policies 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.

Probate 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.

A 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.

The purpose of the bond provided by the Fiduciary is not for their protection, but to protect the minors, heirs, incompetents or creditors of the estate or property assets. This bond does not an expiry date and may continue indefinitely until another action of the court takes place.

Fidelity Bond—A fiduciary is someone who has been appointed by the courts to manage property or assets of people and businesses who are unable to manage these affairs on their own. They are usually appointed by the courts with specific mandates to carry out activities and are asked to guarantee the performance of their duty by posting a form of bond. The most common types are: Administrator/Executor/Trustee of Estates, Conservator, Guardian, Receiver of Rents, Operating Trustee, Trustee, Trustee in Bankruptcy.

Surety Bond---guarantees a 2nd party, the owner that a 3rd party called the principal will successfully perform actions agreed to under the terms of a contract. The most common type of surety bonds are those issued in connection with a construction project. Another common surety bond is a criminal bond or bail bond required by a criminal court. This type of bond is usually done by a specialty bail bondsman.

Veterans Bond---We have the special privilege of being approved by the Secretary of Veterans Affairs to provide “Legal Custodian” bonds for members of our Military. These are through the Legal Office of Mr. T.O. Rainey, Attorney At Law.

NEED A BOND IMMEDIATELY? Click Here to fill out our Bond Application.

Ford & Thomas works closely with the courts of Henrico, Hanover, Richmond, Goochland, Powhatan, Colonial Heights and many others to issue Probate Bonds. If you need a probate bond, please contact us today @ 804 266 7696.