What is the procedure for being bonded?

Question

When one make you an administrator over one estate and then one has to be bonded, then what are the requirements or procedures to be done.

Answer 1

Contact a surety company that specializes in performance bonds. Fill out the application and pay the fee. This is done to give you extra "incentive" to complete your obligations as an administrator legally.

Unfortunately some administrators are fraudulent, thus the requirement for the bond. Generally, the larger the estate, the more costly the bond.

The following is a link to American Contractors Indemnity Company. They provided my performance bond as a bail bond agent at a reasonable cost. I would try them first.

If they cannot do bonds in your state contact the National Association of Surety Bond Producers. They will supply insurer's in your area. Again, the link is given below.

Answer 2

Different states have different laws related to administering a will, normally a person does not need to be bonded to fulfill the position. Bonding companies are plentiful in all states and you should be able to look in your yellow pages and locate one.