Understanding Estates and Estate Bonds: Advice for Families
“You can’t take it with you”—is frequently cautioned among family and friends. Yet, many of us can’t seem to bring ourselves to plan ahead for our valuables. Jump start with this simple information about estates and estate bonds.
Understand Your Estate
Who gets Cousin It’s wig collection? Are the teddy bear’s in the attic worth money or clung to for emotional value? Oh, was that the necklace you always imagined inheriting? No, you don’t get those coveted golf clubs!
When our loved ones die, this family “stuff” can all be considered part of their estate. Since the word estate often conjures rolling hills and giant mansions, most of us assume we don’t have one. In reality, we generally do. As explained by Investopedia:
An estate refers to everything of value that an individual owns—real estate, art collections, antique items, investments, insurance, and any other assets and entitlements—and is also used as an overarching way to refer to a person’s net worth. Legally, a person’s estate refers to an individual’s total assets, minus any liabilities.
Make a Will, Name an Executor and Request an Estate Bond
Clearly, none of us wants to leave family and friends the headaches and heartaches of sorting and deciding upon our accumulated treasures. Best to plan ahead—and encourage those around us to do the same. Make a will, designate an executor and ensure an estate bond is in place. As LegalMatch summarizes:
When a person dies or is disabled, often there is a legal document or will that details what is to be done with the deceased’s estate. When this happens, either the document or the court will appoint someone called the executor to distribute the assets of the estate according to the written wishes of the deceased. An estate bond is a safeguard to ensure that the executor faithfully complies with the written wishes of the deceased.
Obtaining An Estate Bond Efficiently
If you are designated as the executor for an estate, you may be requested (by court or the family) to secure an estate bond. Estate bonds are also referred to as probate bonds, administrator or personal representative bonds. These surety bonds protect the beneficiaries of the estate.
Colonial Surety Company is an easy choice for obtaining an estate bond efficiently and quickly. We are licensed and admitted in all US states and territories. Our digital, direct to consumer approach puts you a few clicks away from obtaining your estate bond.
The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Once approved, you can even print or e-file your bond from your home or office. Obtain an Estate Bond Here!
Worth Doing: Organize and Gift Treasures Now
It’s painful to think about sorting out the treasures of deceased parents, relations, and friends. It’s best for everyone to get started when the good fortune of time together is possible. The more you have a shared understanding of how to pass on heirlooms, make donations and preserve important memorabilia, the less potential for confusion, misunderstanding, conflict and excess trauma later.
Paring down on excess stuff can help put the focus on the belongings that matter most in families. What can you do with things that may no longer be in use? Give them away now. Computers, cell phones, books, clothing, musical instruments—there are many charities specializing in making good use of the excess stuff that piles up in families. Here are three examples. You will find many more as you network in your community.
- Give books to troops.
- Give musical instruments to children.
- Give home-goods/appliances to families.
Some Decisions Are Easy
Remember, Colonial Surety Company provides a direct and digital way to obtain the bonds your family needs, including estate bonds, personal representative bonds, probate bonds, and administrator bonds.
If you are a lawyer, Colonial Surety Company invites you to innovative, direct, obtain a Colonial Surety Partnership Account® . This offers you increased efficiency—and lower costs for clients. See for yourself today: Colonial’s Partnership Account for Attorneys.
Founded in 1930, Colonial Surety Company is a direct seller and writer of surety bonds and insurance products. Colonial is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed in all 50 states, the District of Columbia and most U.S. Territories.