When you’re named the executor of a will, you have to manage the affairs and settling of an estate. You have to initiate court procedures and help pay off creditors using the deceased’s assets. So how should you act as an executor?
First of all, you have to represent the estate for legal purposes. You act on behalf of the estate in hiring estate attorneys and initiating court proceedings. You have to contact government institutions to obtain information from government agencies such as the IRS. You have to place probate notices in newspapers and provide notice to beneficiaries to inform them of their interest in the estate.
Most importantly, executors have to manage the affairs and expenses of the estate. They have to pay debts and expenses of the deceased before distributing to beneficiaries. They have to plan for cash and liquidity needs, have assets appraised, and collect receivables. Learn more about executors responsibilities.
Executors are also required by the court to purchase an estate surety bond, also known as an executor bond, a probate bond, a personal representative bond, or an administrator bond to protect the interests of the estate and its beneficiaries in accordance with state law.
Where can you purchase instant estate surety bonds?
Colonial Surety offers the direct and digital way to obtain estate bonds, also known as probate bonds, personal representative bonds, administrator bonds, or executor bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!