Fiduciary Bond

(redirected from Probate Bond)

Fiduciary Bond

A bond that the executor of an estate posts to ensure he/she performs his/her duties properly. Among these duties is preparing an inventory and disposing it according to the terms of the will of the deceased. The executor forfeits the bond if a probate court determines he/she has failed to live up to his/her duties. It is also called a probate bond.
References in periodicals archive ?
4 million for retained probate bond losses incurred before 1996.
These declines result from exiting both the assumed reinsurance and probate bond business, tightening underwriting standards and raising rates.
We have exited or are in the process of exiting personal lines, assumed reinsurance and probate bond business.
Western Surety's product line includes license and permit bonds, fiduciary and probate bonds, fidelity bonds, notary bonds, and public official bonds.
Mutual) specializes in writing contract surety bonds, license and permit, miscellaneous, and probate bonds and provides them through independent agents appointed by Merchants.