(Administrators and Guardianship Bonds)Court bonds are those bonds prescribed by statute and relate to the courts. They are further broken down into judicial bonds and fiduciary bonds. Judicial bonds arise out of litigation and are posted by parties seeking court remedies or defending against legal actions seeking court remedies. Fiduciary, or probate, bonds are filed in probate courts and courts that exercise equitable jurisdiction; they guaranty that persons whom such courts have entrusted with the care of others' property will perform their specified duties faithfully.
Examples of judicial bonds include appeal bonds, supersedes bonds, attachment bonds, repletion bonds, injunction bonds, Mechanic's lien bonds, and bail bonds. Examples of fiduciary bonds include administrator, guardian, and trustee bonds.
Common examples of Probate Bonds are listed below. Probate is the process during which the terms of a will are carried out. Probate bonds are purchased by the executor of an estate -- either named in the will or court-appointed -- to assure the court and the heirs and creditors of the deceased that all the terms will be carried out accurately and without negligence.
- Administrators Bond: Guarantees the executor or administrator of an estate will conduct his/her duties according to the provisions of the will and legal requirements of the jurisdiction.
- Guardianship Bond: Assures a court that a person designated to serve as a Guardian will perform him/her duties as required by law. The court may appoint a guardian to manage the financial affairs of a person who can't handle his/her own finances, i.e. minor child, elderly, disabled or incapacitated person.