What are probate surety bonds?
Overseeing another person’s estate is a major responsibility, and people who have this responsibility can be held accountable if they act improperly. Should an executor or administrator in Vermont fail to discharge their duties correctly, a probate surety bond may ensure that the estate’s beneficiaries have recourse for compensation.
Those who oversee estates have a fiduciary responsibility to the beneficiaries. Probate surety bonds can help ensure beneficiaries are taken care of -- even if the executor fails in their obligations.
Who in Vermont needs fiduciary bonds?
Vermont state law generally requires anyone who’s charged with seeing an estate through probate to purchase a fiduciary bond. Both executors and administrators generally need to have one.
Guardians and conservators also frequently need fiduciary bonds. Although these fiduciaries don’t see an estate through probate, they’re still charged with managing someone else’s estate.