If you are looking to conduct business in the State of Connecticut, you may be required to produce a Connecticut Surety Bond for your particular license or permit. Whether your license is required by the State of Connecticut, a local government in Connecticut, or other Non-Connecticut entity (such as the U.S. Federal Government), Olde Liberty has access to the Connecticut Surety Bond solution for you!
Probate Bonds are key tools for protecting property and people when a person passes away. Upon death, an individual’s estate is handled through probate court. Certain states require that a probate bond is secured to guarantee the performance of an estate’s executors. These bonds are also often referred to as “executor bonds.”
Who Is Required to Purchase a Probate Bond?
In some states, the executor is required to purchase a probate bond. The executor is the individual in charge of the deceased’s estate, according to his or her will. If a person fails to name an executor, the probate court appoints one. This person is responsible for inventorying and protecting the assets of the estate; contacting beneficiaries and potential heirs; having the estate appraised and paying off debts; ensuring taxes are calculated and paid; and disbursing the assets.
Why Require a Probate Bond?
These bonds help protect the estate and its beneficiaries from fraud, embezzlement or other illicit acts. Executors wield considerable power over finances, real estate and other significant holdings. Requiring a surety bond helps give family members, heirs, and other stakeholders an avenue of recourse should the executor act in an improper or illegal fashion. Some wills may stipulate that an executor bond is not required.
Where Can I Buy a Probate Bond and for How Much?
Probate bonds can be expensive and time-consuming to obtain. With the help of Olde Liberty, probate bonds can be purchased from a reputable insurance carrier. The premium varies depending on the value of the estate and the amount of any debt left by the estate. Remember: If a probate bond is required, the estate cannot be processed until the proper bonding is obtained.
Contact Olde Liberty Insurance today for a comprehensive insurance review and a no-obligation, customized quote from some of the most reputable carriers in the state of Connecticut.