You insure your car and your home in case of an accident or disaster. However, one of the most unpredictable variables in life is human nature.
Court bonds provide the protection you need when you are involved in legal matters. Certain court bonds, known as probate or fiduciary bonds, are designed to protect against loss due to the failure of an administrator or guardian to perform his or her obligations.
When someone is appointed as the administrator of a will, he or she is expected to act ethically and morally; however, this isn’t always the case. Dishonest acts are often a reality of legal proceedings. Similar to executor bonds, administration bonds (also known as administrator bonds) ensure that the administrator of a will acts within the scope of the law. It protects the other parties against acts of fraud or dishonesty. In order to obtain a bond, administrators must undergo a credit check, submit an application and be successfully screened by the bonding agency.
Similar to administration bonds, guardianship bonds (also known as custodian bonds) guarantee the ethical behavior of anyone in control of another person’s finances or well-being. This type of bond ensures that the best interests of the cared-for party are taken into consideration and that court orders are followed. Legal guardians have many responsibilities, but the most important one is act morally and within the scope of the law.
In addition to court bonds, there are many other types of surety and fiduciary bonds. Contact Karl Weidel Insurance for more information on the bonding process and associated costs. With over 100 years of experience, our agents offer in-depth industry knowledge and provide guidance and support throughout the bonding process. Call us at 609-599-2588 or fill out the form on this page for more information.