Probate Bond Law and Legal Definition
On the death of a person, his/her estate is to be distributed. Executors, administrators, or guardians will oversee the distribution of the property and assets to the heirs of the estate. In order to provide certain protections to the heirs of the estate, these persons sometimes must post a probate bond. Usually a probate bond is required by a court or a judge incidental to court proceedings. A probate bond provides protection in the event executor does not distribute property and assets in accordance with the wishes in someone's will or in accordance with the particular laws of the jurisdiction. A probate bond serves as protection against misrepresentation, fraudulent acts, errors, negligence, and theft by the executor or administrator of the estate. The protection lasts until the probate process is completed and the property is distributed to the heirs of the estate.
