Clients in the past have asked us about what issues might prevent their client from obtaining a bond from a fiduciary perspective. Prominent among them are: Recent bankruptcies/poor credit, Disputes with family members — especially when the fiduciary matter is related...
A common question that lawyers ask my office is: When I am handling either an estate or litigation for a client in another state outside of New York, do you know somebody to whom I can refer for the bond that’s going to be needed?” My answer is always,...
When a decedent dies without a will, an administrator is appointed to administer an estate and the court requires that the administrator obtain an administration bond. An administrator bond guarantees that the estate will be properly distributed and that outstanding...
An advance payment bond provides an estate’s executor or administrator an early release of funds for a specific purpose. The bond guarantees the return of an advance payment if the court later finds the executor or administrator wrongly took the money. The court...
Surrogates require administrators to obtain an administration bond guaranteeing their faithful distribution of the deceased’s assets (when the deceased lacks a “Will and Final Testament.”) When a person dies intestate, it means they died without leaving behind a “Will...
