What Is An Executor Bond?
An executor bond is a form of insurance that insures one who carries out the will of a deceased person. This may be one who was appointed by the deceased prior to his or her death or it may be someone appointed by the court. The surety bond protects the estate and the family of the deceased from any fraudulent or illegal actions on the part of the executor and assures that the will is executed as expected. Some courts require the executors to purchase these bonds, though it is not always mandator; many wills state that a bond is not necessary. It is basically the same type of bond as an estate bond, fiduciary bond, or probate bond.
Before an executor purchases a bond from an agency, he or she must submit themselves to a credit check, have their application approved, and go through other screening processes.