The fiduciary roles typically requiring a probate bond include:
- An executor named in a will to pay off a decedent’s creditors and distribute assets to beneficiaries
- An administrator appointed by the probate court to disperse the assets of a person who died intestate (without a will)
- A trustee named to manage a trust established by a decedent’s will for the benefit of heirs or other beneficiaries
- A guardian of a minor
- A custodian of an incapacitated adult
Any of these fiduciaries can be required to purchase a probate bond, typically in an amount equal to the value of the estate.
