Probate law governs the ultimate resolution of our affairs: wills, trusts, estates (or the lack thereof) and the associated debts, taxes and so on. How does probate law evolve to keep up with the times, as well as with new legislation and regulations?
Clarifying, Improving, and Reforming
In a nutshell, as Legal Zoom explains: Probate is the legal process for distributing a deceased person’s property to their heirs and beneficiaries and settling any debts. The probate process carries out the instructions in a person’s will. If there’s no will, it follows state law.
Of course there are all kinds of interesting and important issues that come up in probate law. Changing tax laws, digital assets, the rights of children upon the death of a parent, revocable trusts…all these and more are examples of the complexities we turn to probate law to resolve.
One organization that continuously examines probate law is the American College of Trust and Estate Counsel (ACTEC). Its purpose:
Established in 1949, The American College of Trust and Estate Counsel (ACTEC) is a national, nonprofit association of approximately 2,500 lawyers and law professors from throughout the United States and abroad. ACTEC members (Fellows) are peer-elected on the basis of professional reputation and expertise in the preparation of wills and trusts, estate planning, probate, trust administration and related practice areas. The College’s mission includes the improvement and reform of probate, trust and tax laws and procedures and professional practice standards. ACTEC frequently offers technical comments with regard to legislation and regulations but does not take positions on matters of policy or political objectives.
What Is a Probate Bond and How Can You Obtain One?
Frequently, probate court judges will ask the personal representative or administrator appointed to oversee the affairs of a deceased person to obtain a probate bond. Essentially, a probate bond is a type of surety bond that protects the interests of the estate and its beneficiaries in accordance with state law.
Colonial Surety Company understands that lawyers and their probate clients need to act fast when the court requests a bond. That’s why we offer a direct, instant and digital way to obtain probate bonds, which can also referred to as administrator, executor, fiduciary, estate or personal representative bonds. At Colonial, the steps to obtaining these bonds are easy—get a quote online, fill out the information, and enter a payment method. Print or e-file the bond right from anywhere, even probate court.
Keeping Pace: Partner Up
Busy lawyers across the country are saving time using Colonial’s full portfolio of digital bonds to efficiently comply with bond-related court deadlines and e-filing requirements. With Colonial, court bonds can be obtained from a laptop or phone and e-filed right from the courthouse—or anywhere.
Colonial’s digital court bonds include appeal, supersedeas, injunction, replevin, receiver and more. Court-appointed fiduciaries can also use Colonial’s online platform to easily obtain required bonds such as: administrator, executor, guardian, personal representative, probate, trustee and conservator.
In tandem with this robust portfolio of direct, digital court and fiduciary bonds, Colonial also provides a unique Partnership Account® for Attorneys. This free business service provides attorneys with user-friendly client dashboards to coordinate, view, complete and e-file the court and fiduciary bonds clients need.