Ohio - Probate Bond (Executor - $25,000 or Less - Wood County Probate Court)
Wood County Ohio Executor Surety Bond- An executor Bond is also known as the probate Bond, estate Bond, and fiduciary Bond. When someone passes away, their estate is distributed through probate. Depending on the state, the probate court may require that an executor Bond be purchased to ensure that the executors perform their duties correctly. A person left in charge of an estate, according to the will of the deceased, is known as the executor. If this person is not named in the will then the court will appoint someone. It is the executor's responsibility to protect and take inventory of the assets of the estate, contact beneficiaries and potential heirs, appraise the estate, pay off the debts of the estate, make sure that the taxes are calculated and paid, and disperse the assets. In some states, the executor is required to purchase the executor Surety Bond to ensure that these duties will be completed according to the will or approval of the courts.