A bond is usually required where an executor appointed in a will resides out of province, where there is no will or where an alternate executor is applying to the Court for appointment as executor.
An estate bond can have different names such as Executor bond, Administration Bond, Probate bond, Waiver of Probate, or its formal umbrella name, a Fiduciary Bond.
A guardianship bond is another type of estate bond where the individual and their estate to be bonded is living.
Estate bonds differ in name due to the province, state, industry, court, and process of probate, though they’re all the same type of instrument.
Estate bond’s cost fluctuates and is based on a few factors. These include:
An expert from Ai Surety Bonding will be happy to consult with you on your current situation and offer a free information email with cost and instructions on pursuing the bond via Ai.
At Ai we don’t believe there is any one financial benchmark required to be approved for a bond.
We review personal financial strength, enhancing with recommended support when need be.
We’re able to assist estate applicants from all positions in life. Our experts can offer solutions and other legal professionals to assist with your request.
If the estate had a will the nominee will be applying to the courts for a Grant of Probate (estate).
If the estate didn’t have a will the nominee will be applying for a Grant or Letter of Administration (Intestate).
Procuring the services of a Lawyer to administer/execute an estate is often tied to the amount of the estate’s worth, the fees a Lawyer may charge to probate, and the position/confidence of the nominee.
Ai recommends strongly considering the assistance of a Lawyer well-versed in legal estate matters to assist. A Lawyer understands the complexities of the undertaking at hand and can execute and submit all documentation relative to the administration/execution of a loved one’s estate.
A lawyer can also assist in managing the financial disbursements through completion to add an extra layer of assurance avoiding any mistakes in the administration/execution of the estate at hand.
The process to procure an estate bond can be fluid and is assessed on a case-by-case schedule – it depends entirely on the submission of required documentation, identifying a bonding partner, approving the bond, and finalizing upon issuance.
A common time from submission of the documentation to finalizing the bond is 1-2 business weeks.
Processing times in court and the rate of completion leads to a common understanding of approximately 9 to 18 months on average in most provinces in order to complete an estate.
This time can increase if the matter is uniquely complex or difficulties arise in the administration/execution of the estate.
Times vary from province-to-province and abroad.
An applicant will have to complete a bond application, disclose their personal financial position, and provide the necessary court-related documentation they are preparing to or have submitted to courts to be appointed trustee/administrator/executor/guardian.
Some other miscellaneous items may be requested by the Surety via Ai.
Financial strength is not the determining factor in the approval of an estate bond.
An estate bond is paid for by the principal up-front in most cases.
Once the principal is appointed trustee/administrator/executor/guardian, the cost of the bond is invoiced to the estate which reimburses the principal. In some cases, the courts approve dispensing of monies from the estate to pay on its own behalf. This mainly applies to guardianship matters.
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