Many people have never heard of a probate bond. Sometimes known as an estate bond or an executor bond, a probate bond in Phoenix serves as the assurance that the executor has every intention of fulfilling every wish expressed in the last will and testament of an individual. Choosing to secure this type of bond comes in handy in a number of scenarios. Here are some examples.
Protection for the Estate
One of the main purposes of the Probate Bond in Phoenix is to ensure that the estate of the deceased is protected. The ultimate goal is to settle the estate in accordance with the terms found in the last will and testament. In the best-case scenario, that means taking measures to protect assets from losses while the estate is being settled. The bond is in place to ensure that, if the executor fails to function in an ethical manner, the estate and the beneficiaries do not suffer as a result.
Protection Against Theft
It’s one thing to misjudge a situation and end up losing some asset that’s part of the estate. The matter of theft is a completely different event. Should the executor choose to steal from the estate, the terms of the bond will protect beneficiaries and ensure that they will still receive the compensation according to the will terms and conditions.
Full Compliance with Current Laws
An executor is required to carry out all duties related to the estate in compliance with current laws. If there is evidence of negligence or a flagrant disregard for the legal steps required to settle the estate, the provisions of the bond are designed to protect those who are supposed to receive assets from the estate.
Even when an executor has every intention of fulfilling all the responsibilities that come with the position, situations can arise that make it impossible to do so. Choosing to secure a probate bond protects everyone involved. Contact Southwest Bond Services today and learn more about what type of provisions are included in the bond and how it can provide support when and if certain situations arise.