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.
Do You Need Legal Help Regarding Probate Issues In The New York Metro Area?
If a loved one died without a will and you need legal assistance regarding the probate process you should be speak with an experienced probate attorney as soon as possible. Contact us online or call our New York City office directly at 212.227.2424 to schedule your free consultation. We proudly serve clients throughout New York and northern New Jersey including Brooklyn, Manhattan, Queens, Staten Island, The Bronx, Nassau County and Westchester County.