How to Post a Bond As Executor of a Will

You must get an executor's bond if required to do so by the probate court or you cannot receive the legal authority needed to perform the executor's duties. An executor -- or probate -- bond is a contract with a monetary value used to guarantee the executor's performance by another party. The issuer of the bond provides financial compensation to estate beneficiaries if the executor mishandles his duties or steals from the estate.

Instructions

1. Locate a business that offers probate bonds. Bond companies, surety companies and some insurance companies offer bonds for executors. Ask the probate court clerk for a list of local bond issuers, the court form for the bond, and certified copies of the will, the probate petition and the court order showing the necessary bond amount.

2. Contact the bond company. Ask for a probate bond application and instructions.

3. Complete the bond application. Applications vary by issuer, but you commonly must provide your personal and financial information -- including a listing of assets and debts -- and the estate information, such as the name of the deceased, all legal heirs and the approximate value of the estate.

4. Check the application instructions. Attach the certified will, probate petition and order copies as needed. Submit the application.

5. Hire a probate attorney if needed. Some bond issuers require the executor have legal representation. Contact the area bar association for a list of probate attorneys.

6. Review the executor bond contract from the issuer. Verify all information, including the bond amount, personal and estate items, and the terms, such as how long the bond is in effect and the premium amount. Sign the contract once you check all terms. Pay the bond premium and get a receipt for reimbursement from the estate later. Ask for a copy of the bond papers.

7. Make a copy of the bond papers once you receive them from the issuer.

8. Fill out the probate bond court form. Forms vary by area, but you typically must give the name of the issuer, the bond amount, and both the effective and termination date. Attach the bond papers to the probate court form.

9. Fill the court form in the probate court. Ask for a certified copy for your records.

Tips & Warnings

• An executor can sometimes petition the probate court and ask for permission to pay the bond's premium with estate assets.

References

• David E. Casey, Probate Attorney: Executor Appointed by Probate Court
• Texas Probate: Frequently Asked Questions About Independent Executors
• New Hampshire Bar Association: Bonds