Probate bond

What it means

A probate bond — also called a fiduciary or executor's bond — is bought from a surety company and pays out if the personal representative mishandles the estate.

The estate normally pays the premium, and the cost scales with the size of the estate.

Why it matters

It is a real cost and a real delay, and it is frequently avoidable: many wills waive it expressly, and courts often excuse it when the beneficiaries all consent.

Somebody with poor credit may struggle to obtain one, which occasionally decides who can serve.

When you are likely to meet it

• When a court requires it before issuing letters — most commonly where there is no will.
• When reading a will that says the executor shall serve 'without bond'.

How this varies by state

When a bond is required and when it can be waived are state questions, and courts have discretion.

Related terms

• AdministratorThe person a court appoints to handle an estate when there is no will, or no usable executor.
• ConservatorshipA court appointing somebody to manage the money and property of an adult who cannot manage it themselves.
• ExecutorThe person named in a will to carry it out — once a court actually appoints them.
• Formal administrationProbate supervised by a judge, with petitions, notice and hearings. It is the default in some states and the fallback everywhere.
• IndemnityA promise to make good somebody else's loss — and on several small-estate forms, the price of the shortcut.
• Letters of administrationThe court document proving somebody has been appointed to handle an estate where there is no will.
• Personal representativeThe neutral term for whoever is authorized to act for an estate, whether named in a will or appointed by a court.
• ProbateThe court process that confirms who has authority to deal with what somebody owned when they died.

Sahvelo guidance that uses this

• Being an executor