Does an Estate need insurance / Bond

[jkohen7514]

What is the name of your state? NY
Does an estate need insurance (Bond), so that the executor does not run a way with all the money?

 

[msiron]

Usually the terms are in the trust for that matter. It will say if a trustors bond is required or not. Personally I think a bond should be mandatory on all trustee since they do the bulk of the stealing from trusts.

 

[Betty]

Most states require an executor to have a sureties bond - that if the executor causes losses to the estate & doesn't pay, then the person who provided the guarantee (surety) will pay. If a person has a lot of confidence in the executor, they can include a provision in their will that dispenses with the executor's bond & many though not all states allow this.

 

[jkohen7514]

Most states require an executor to have a sureties bond - that if the executor causes losses to the estate & doesn't pay, then the person who provided the guarantee (surety) will pay. If a person has a lot of confidence in the executor, they can include a provision in their will that dispenses with the executor's bond & many though not all states allow this.

Thank you for all your help

 

[lwpat]

It is an excellent idea and avoids a lot of problems.