An Administrator’s bond is a type of insurance policy that guarantees the proper administration of an estate. In Surrogate’s Court, an Administrator is usually required to post a bond before he or she qualifies to receive the appointment (also known as being granted Letters of Administration). Executors are usually exempt from the bond requirement because most Last Wills & Testaments authorize the Executor to serve without a bond. A bond is also not required upon the consent of all necessary parties. Bonds protect estate beneficiaries and creditors from the negligent and intentional acts of fiduciaries that cause harm to the estate.
