Ohio Fiduciary's Bond

A probate bond is a type of court bond that ensures the wishes of a deceased person are carried out ethically and honestly. If an error does occur, the bond promises you will compensate the beneficiaries for any money lost. Probate Bonds are also called Fiduciary Bonds.

There are two types of guardianships, a full guardianship and a limited guardianship.

A Probate Bond guarantees the appointed individual will comply with state laws and the terms of the will, trust, or court order. If the appointed individual does not comply with the terms of the will, trust, or court order, someone can make a claim against the bond.

Generally speaking, a guardian is not personally responsible for the ward's (person being taken care of) debts or bills.He or she is not required to pay the ward's bills with their personal assets, and if the ward's bills are sent to collections it will have no impact on the guardian's credit.

The purpose of a Guardianship or Conservatorship is to ensure that continuing care is provided for individuals who are unable to take care of themselves or their property because of incapacity. A Guardianship or Conservatorship is generally only considered after other alternatives have been explored.

Without bond means the executor has not been required by the court to post a bond with the court to insure that he does his job. Likely he also has been relieved of a duty to do inventories and accountings to the court.

A personal representative of an estate (either an executor or an administrator) purchases a probate bond from a surety company. They pay a portion of the value of the estate usually around 0.5%.

What is a Guardianship Bond? A Guardianship Bond is a type of court bond that ensures a court-appointed individual will perform and fulfill their obligations.

The purpose of the bond is to protect the beneficiaries or creditors of the estate from harm caused by the malfeasance or negligence of the executor or administrator. In California, a probate court bond is issued to administrators, executors, conservators and guardians in probate estates.