Executor Bonds: Why You Need Them and How Novarti Insurance Brokers Can Help
An Executor Bond is a type of court security bond that provides a guarantee that the executor will handle the estate by law. If the asset documents are mishandled by the court, the bond protects the beneficiary by law. Hence, you need to get an Executor Bond especially if you are estate planning to secure the future of your family and heirs. Here’s how an Executor Bond can protect the beneficiary by law: If the executor fails to perform his or her duties, the beneficiaries have the right to file a claim against the Executor's Bond. If the Executor is unable to carry out the terms of the Bond, the beneficiary is reimbursed. The corporation that issued the Bond reimburses the recipient. The beneficiary is then entitled to receive full compensation from the Executor. If a court is involved, the cost of an Executor Bond is usually determined by the estate value. In rare situations, the beneficiary's credit score may also be considered...