Monday, January 29, 2007

Another Hidden Cost of Dying - The Surety Bond

Category: Estate Planning, Probate and Estate Administration

A spot-on examination of the requirement for a surety bond in an estate administration from Joel Schoenmeyer, Esq. at Death and Taxes Blog.

On the Subject of Surety Bonds: "Surety bonds are like an insurance policy for an estate and its beneficiaries. What are you insuring? That the executor or administrator isn't going to run off to Tahiti with the estate's assets."

I also use Tahiti as an example of where the nefarious fiduciaries are going with you money.

Surety bonds can be expensive and fall into the category of "things to be avoided". How to avoid the expense to your estate - create as will. As Joel points out in his posting: "The executor doesn't have to obtain one if the decedent's Will waives the surety bond requirement. If the Will DOESN'T contain such a waiver, or if the decedent died without a Will, the executor will have to make surety arrangements."

Also, if you have a Will, but don't have a named Executor or Successor Executor, you will also need a surety bond in NJ. This means that if your Will from 15 years ago names your spouse and then your father, who has since died, a codicil is in order at a minimum to name appropriate successor executors to avoid the bonding requirement.

Labels: ,


At 2:52 PM, Anonymous estate planning lawyer said...

Interesting scenarios. And good info. It's interesting to see how things differ from state to state.

At 5:28 PM, Anonymous dvd backup said...

With so much debate and controversy over a deceased person's estate and money there is no wonder why a will must be very specific.

At 3:44 PM, Blogger Walters and Ward said...

Estate planning is a complicated situation. California probate lawyers can be of assistance and help with estate planning.

At 8:18 AM, Blogger strat said...

Thanks too for exploiting such information.
merchant account services

At 9:05 AM, Anonymous paul said...

Thank you for the information. If you are interested in probate laws in the UK try Cooper Solicitors

At 7:48 AM, Anonymous MBA in real estate said...

Thanks for the information..It was worth reading your blog..

At 12:20 PM, Blogger joana lui said...

Metropolitan safety deposit box Limited or bank safety deposit boxes limited (‘Metropolitan’) was originally formed in 1983 to construct and operate the Belgravia safety deposit box , Metropolitan’s safety deposit box facilities are strategically placed in the inner central area of Metropolitan London. The Company is the largest independent provider of mailbox post & mailbox post & mailbox post & mailbox post & mailbox post , residential mailboxes & residential mailboxes & residential mailboxes & residential mailboxes & residential mailboxes & gold bar for sale& gold bar for sale & gold bar for sale & gold bar for sale & gold bar for sale , bank safety deposit boxes & bank safety deposit boxes & bank safety deposit boxes & bank safety deposit boxes , safety deposit box & safety deposit box this service in the United Kingdom. The two vaults provide thousands of boxes in 16 different sizes ranging from one-foot square and two-inch high boxes up to walk-in secure storage areas. The locations of the vaults are in Knightsbridge and St John’s Wood.

At 8:05 AM, Blogger debbie henderson said...

This comment has been removed by the author.

At 8:10 AM, Blogger park ertrustlaw said...

Awesome blog. Thanks for the sharing.
New York estate administration

At 10:39 AM, Blogger Jason Strong said...

I've been in school now for a couple of semesters, but still have no idea what I want to into yet. I've finally taken some time to look into certain fields, and the idea of going into probate administration sounds really good. After doing some research on it, I've found this site and to be the most helpful. Thanks so much for sharing this, I'm excited to learn more.


Post a Comment

<< Home