Coverage of the Month – Probate Bonds
Presented by Brandy Cottrill
Your loved one has passed. What do you do now to settle your loved one’s estate?
If your loved one was kind enough to leave a will that does not require a bond, you will need to take that will to the Probate Judges office and record it. The services of an attorney are strongly recommended. You will need someone to guide you through the process and make sure you comply with all probate laws.
If the will requires a bond or if there is not a will then you will need to get a bond to be set up as the administrator/executor of the estate. A bond can be obtained through an insurance company. Most insurance companies will require that an attorney be involved to help you navigate the process.
What does the bond do? The bond protects the assets of the estate by guaranteeing that if you do not distribute the assets correctly, the insurance company will pay the heirs their rightful amount up to the limit of the bond. The insurance company will hold you personally responsible and seek indemnification from you.
Dormon & Reynolds Insurance, Inc recommends that you consult an attorney and have a will completed. This makes the process of settling your estate much easier and less expensive for your heirs.
We have 60+ years of probate bond experience and we are here to help you during a very difficult time.
Most of our Probate Bonds go through the following carriers.
– Auto-Owners Insurance
– Liberty Mutual