Probate bonds are made to safeguard the beneficiaries and estate in case the executor does not live up to his obligations and duties.

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Will You Get Money Back for Probate Bonds?
Probate bonds – a.k.a. fiduciary bonds, estate bonds, and
executor bonds – are made to safeguard the estate of the
deceased from fraud, incompetence, and additional bad
actions by an estate's executor. An executor posts the bond,
and as long as she/he does not involve themselves in any
action which causes loss to an estate, the bond's principal is
returned to him/her when the estate is closed.
Function of the Executor
Usually, when one makes a will, she/he also names the executor in the will. If she/he
does not, the probate court appoints someone to act as the executor. After the creator
of the will dies, an executor has several duties. He has to locate the will and provide it to
the probate court; assemble all the deceased's property; pay all debts that are still owed
by the deceased when she/he passed away; pay property and estate taxes; pay for all
funeral arrangements that are made by the deceased; and, as the will is probated,
distribute the property of the deceased.
In doing these duties, an executor has to follow the deceased's intentions as they were
expressed in the will. During all times of the probate process, an executor must be
supervised by the probate court.
Duties of the Fiduciary
The law holds the executor to high standards. The executor has a fiduciary duty to all
beneficiaries of the deceased's estate. The fiduciary has to act in the estate's best
interest, and not their own. The fiduciary has to perform in a legal and ethical manner.

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The executor must not only keep the deceased's assets separate from his own, he has
to keep accurate accounting records, as well as offer all accounting details asked for by
any beneficiaries. An executor's personal interests can’t conflict with the interests of the
beneficiaries and estate. If an executor's actions create this type of conflict of interest,
she/he has violated the fiduciary duty.
What is the Purpose of a Probate Bond?
Probate bonds are made to safeguard the beneficiaries and estate in case the executor
does not live up to his obligations and duties. The bond will give the beneficiaries peace
of mind and reassure them that even if an executor loses state assets, they’ll be
compensated.
The will itself sometimes requires an executor to post a bond. In addition, the probate
court might order an executor to post bond. However, if neither of those situations
apply, the estate might not require a probate bond, whatsoever. The will also may
specifically say that an executor need not post a bond.
Return of Probate Bond
The quantity of the probate bond itself might vary depending upon the estate’s size. The
executor theoretically should get the whole bond’s amount back after the probate
procedure is complete, so long as he has not taken any action which harms the
beneficiary’s rights or the estate.
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Steely & Smith Insurance
3662 Route 202
Doylestown, PA 18902
(215) 345-9410
http://steelyandsmith.com
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