Probate Bonds in Mansfield, OH, Marion, OH and surrounding counties
A probate bond serves as a guarantee that the executor of an estate will perform his or her duties according to the wishes of the deceased. It ensures that assets left to heirs or beneficiaries will be divided according to the will written by the person who died. The probate bond typically covers the value of the estate and protects heirs against theft, errors or negligence during the distribution of assets.
Probate bonds are purchased through bond companies. The administrator of an estate must present proof to the probate court that a bond has been bought and that it is sufficient to cover assets listed in the will. Until a probate bond is obtained, no distribution of property can be started. The probate bond usually remains in effect until a judge cancels it after all assets have been divided.
If a person died without leaving a will, the probate court decides how assets in the estate are distributed using laws of the jurisdiction wherein the person died. The court also handles wills that are contested by one or more beneficiaries and determines if a will is valid. Sometimes, the probate court will appoint an administrator to handle the assets if no will exists. The appointed administrator is also required to obtain a probate bond.
Contact us today and we can help you with all the questions you need. You can also fill out a quote below.