Executor Bond
Assures the Executor of an estate correctly allocates the assets with whom they have been assigned fiduciary duty.
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What is a Executor Bond?
Executor Bonds are mandated by the court in order to provide assurance that the Executor of an estate correctly allocates the assets for an incapacitated or deceased person with whom they have been assigned fiduciary duty.
If the Executor resides outside of the province or country from the location of the estate then a Foreign Executor Bond is required.
In other words, Executor Bonds are directed by the court in order to guarantee the honest accounting and faithful performance of duties by a fiduciary or trustee. Executor Bonds provide assurance that the executor of an estate appropriately handles, and distributes, the assets of the disabled or deceased person whom they are duty-bound to act on behalf of.
How Does an Executor Bond Work?
The Executor Bond is placed to ensure that the Executor will fulfill their duties in accordance with the law.
The Executor Bond helps protect the beneficiaries against any probable misrepresentation, fraud, theft, negligence, or errors performed by the Executor of the estate.
The beneficiaries of the estate can call upon the Executor Bond and make a claim against the Executor in the event that the Executor fails to fulfill their duties. If the claim is valid, then the beneficiaries will be financially compensated by the Surety who issued the bond. Once the Surety pays the beneficiaries, it will go to the Executor for reimbursement.
Then the Executor is required to reimburse the Surety if they do not fulfill their duties as an Executor.
Click on the link below to view our Executor Guide. If you have any other questions please feel free to contact us.
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Frequently Asked Questions
An Executor ensures that the deceased or disabled person’s assets are distributed appropriately.
The Executor Bond protects the stakeholders in the event that the Executor does not act ethically.
The price of an Executor Bond varies accordingly to the estimated value of the estate, bond coverage, and financial health of the Executor.
We will help you find the best rate possible.
Estate Bond Program for Lawyers
If you are an estate lawyer and would like to refer your clients, learn more about our program below:
Ai provides value not only to our clients but to our trusted partners in private, public, and legal practices. We are committed to offering our customers and their representation the highest possible standards of service the bonding industry has to offer.
We believe in organically growing our network of business affiliates to assist and provide financial surety to lawyers across Canada and abroad.
Contact us by filling out the form below if your client requires an estate bond, if you have any questions about the estate bonding process, or if you would like to become a centre of influence for your clients.
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