Bond (noun): A safe guard for the Beneficiaries or Heirs of an Estate from any wrongdoing by the Administrator or Executor that must be in place before the Court grants authority to act on behalf of the Estate. This is similar to an insurance policy, and once the Estate closes the Administrator or Executor may Petition the Court for reimbursement for the premium on the Bond.
Words commonly used with this term include:
- Beneficiary
- Estate
- Heir
- Administrator
- Executor
The Grossman Law Firm, APC · · (951) 523-8307