The state of Washington may require a person or company take out a probate bond should that person or company be in charge of a person’s estate, will, or trust. Even if the court does not specifically require a surety bond, the person or company charged with overseeing another’s assets may want to take that extra step and receive a bond so they can protect themselves against legal recourse should an outside party find fault with their actions.
Here are a few types of probate bonds that may be required in the state of Washington: administrator bond, curator bond, trustee bond, guardianship bond, receiver bond, custodian of veteran bond.
Courts require an administrator bond (also known as a personal representative or executor bond) when a person or firm is placed in charge of a person’s estate after their death. The administrator must post the bond to financially cover the distribution of assets. This gives the estate legal protection should the assets be mishandled and debts are not paid.
Another type of estate protection is a curator bond. The court will determine how much the bond should cover by reviewing how much the estate assets are worth. Like an administrator, a curator bond protects the heirs and those who are owed money by a deceased estate.
A trustee bond is what it sounds like, a bond that protects the trust from any financial losses should the trustee not fulfill his or her obligations managing the trust. Often times the court requires this type of probate bond to protect the financial interest of the trust recipients. Without this protection people are vulnerable to a large financial loss.
When a person has been appointed guardian over another individual or an estate they must take out a probate bond to ensure the court they will handle the account in good faith. Should the court find that the guardian overstepped their bounds or did not live up to the expectation they can fall back on this probate bond to provide restitution to the estate.
A company that is going through bankruptcy may be required by the Washington courts to take out a receiver bond, a type of surety bond. This probate bond shows the court that the company will take care of any outstanding bills, rent, or debts. Should any mishandling of the accounts occur, the receiver bond will provide jurisdiction protection. The bond amount will be determined by the courts to insure any wrong action taken by the overseers of the account will not result in further financial loss to those who are owed funds.
Custodian of Veteran Bond
This type of bond protects a member of the armed services who has been declared incapacitated. The man or woman who served their country and invested money with Veterans Affairs will be taken care of by a custodian of veteran bond. Like a guardianship bond, this probate covers the soldier’s estate and protects the veteran’s assets from being misused or mishandled.
What do all these probate bonds have in common? They are all designed to protect the estate, heirs to the estate, or the individual deemed incapacitated. Any financial mishandling will not result in a loss to the individual, instead the probate bond will protect them against any financial loss and give them peace of mind knowing that their bills will be paid and their financial livelihood will be upheld.
It’s in the news and minds of people who are realizing just how many Senior Citizens are going hungry and losing their homes in this country. As presidential hopeful Senator Bernie Sanders described it, the fact that senior citizens are going without daily meals or medicines should be a concern to everyone as it is a reflection of society. How should your parents or grandparents be treated as they reach that golden age? A guardianship bond can help make sure that people are taken care of respectfully.
When people reach a point where they need a little extra help taking care of their schedule, meals, and home it may be time to seek out a guardianship bond. This type of surety bond allows people some piece of mind knowing that the person granted guardianship will uphold their duties or face the wrath of the law.
It is important to realize that guardianship bonds may be needed in other cases other than an aging senior citizen. There are circumstances when minors or young adults also require having a guardian appointed by the court. Whomever is appointed must abide by any legal instructions and not cause harm, physical or financial, to the person requiring guardianship.
Jurisco can make the guardianship bond a relatively easy process. With just a few questions, the team at Jurisco will determine how much a guardianship bond will cover, how long it needs to last, and figure out which forms need to be given to the higher courts.
Protect those that are near to you by making the court require a guardianship bond. This way a person’s legal estate will be fully protected in case of any mishandling by the guardian. Don’t leave the vulnerable at risk. Contact us today to setup the protection a guardianship bond provides.
As an attorney, it is necessary to look at the case from all angles. That includes what will happen in the event of a victory and in the chance of defeat. Part of this preparation means reviewing which types of surety bonds may be required on the behalf of the client. Now this, of course, changes on whether or not the client is a defendant or plaintiff.
Perhaps two of the most common surety bonds a defendant will need is a counter replevin bond and an appeal bond. Both give the client a little judicial wiggle room to get around a court’s ruling. Other types of surety bonds include a release of lien bond and a release of lis pendens bond.
A counter replevin bond is used when a defendant has already had their property taken away or levied. This surety bond shows the court good faith that if the property is returned to the defendant before a judgement is made that the property will be turned back in, in the same condition, so the plaintiff does not have a financial loss.
An appeal bond is probably the surety bond most people hear about. Once the court makes their final ruling the defendant has the right to appeal the decision. However, that does not mean the plaintiff has to wait for the money judgement to be paid. With an appeal, or a stay bond, the bond is financial proof that the money will be paid should the appeal court make the same decision as the first course.
Defendant bonds are designed to protect the plaintiff against a loss and prove to the court that the defendant is working in good faith. Whenever reviewing a client’s case it may be beneficial to go ahead and plan ahead for these bonds so they do not miss the window of applicable time. For instance, once the court makes their ruling the appeal to stay the judgement bond should already be prepared to give it a better chance of being accepted.
Types of plaintiff bonds include garnishment, attachment, replevin, cost, indemnity to sheriff, injunction, distress or distraint, lis pendens, and lost instrument bond. All of these will not be required in one case. Reviewing the Jurisco site will breakdown what each of these surety bonds entail and what cost can be expected.
A garnishment bond is required by a plaintiff in order to protect the defendant against unlawful wage loss. These types of bonds are necessary when the plaintiff feels the defendant owes them money and that the only recourse available is to garnish the defendant’s wages. However, should the court ruled that the defendant does not owe the plaintiff money, or the amount that was garnished, that the plaintiff will financially compensate the defendant for their loss.
An indemnity to sheriff bond may be a surety bond that is not referenced frequently, but is actually very helpful especially to law enforcement agencies. When properties is taken by a sheriff’s department on behalf of a plaintiff they have to be financially covered in case the court rules this action was unnecessary or done with ill-will. To protect the agencies involved in this process the plaintiff has to put up a bond saying that the agency is not the party responsible for damage or a financial loss.
To know which plaintiff bond to use contact a member of Jurisco to discuss the case and plan out the appropriate course of action.
Other Types of Surety Bonds
There are other types of surety bonds that don’t always get played out in the court room. For instance, a guardianship bond and administrator bond are basically there to ensure those in charge of a person or an estate do their due diligence without neglect to their client.
A guardianship bond comes into play in the event that a young child loses his or her parents. The guardianship bond is the court’s way of protecting the minor against neglect whether it be in the matter of physical care or misuse of estate funds.
An administrator bond is usually employed when a deceased person has a will with assets to be distributed. To make sure all parties are treated fairly and that all debts are paid, an administrator must take out an administrator bond to financially cover his or her bases to prove they will work in good faith and due course.
Choosing The Right Surety Bond
Still having a hard time determining which surety bond is the right one for a client or circumstance? Let the team at Jurisco help. Our trained staff understands the ins and outs of all surety bonds and when they need to be employed. They will also help explain the cost associated with all the surety bonds, when they need to be filed, and how long they will last.
Perhaps one of the best ways to explain surety bonds is thinking of it as a sort of insurance policy. Should anything go awry in a legal case or proceeding, a surety bond is the net that catches the downfall, insuring plaintiffs and defendants do not lose money, property, and the like without any recourse. When clients come to Jurisco they can be looking for a wide range of surety bonds to protect themselves and their clients.
In the general populace, people often think of bail bonds or construction bonds when they think of surety bonds, but that isn’t completely correct. When it comes to the judicial realm, lawyers, defendants, and plaintiffs use surety bonds to protect themselves during court proceedings and in the event that the outcome doesn’t come out in their favor.
A Few Types Of Surety Bonds
There are different types of surety bonds that a plaintiff or defendant may require. A defendant, for instance, will require an appeal bond in order to stay a judgement while the appeal process takes course. On the other hand, a plaintiff would need a replevin bond to show the court good faith that they have the right to place a lien on property before the court makes its final judgment.
In short, all surety bonds show the court that whatever action that is requested or already being taken will be reversed in due order should the court rule against the move. This protects both parties involved and guarantees there will be no financial loss on other side.
When To Apply For A Surety Bond
Some surety bonds are required before an action can be taken while others become necessary during the trial or after a judgment has been reached. Talking to one of our surety bond experts is the first step in understanding what may or may not be necessary in any given circumstance.
It is best to be prepared for whatever comes up. For example, if the defendant doesn’t even have an appeal on his or her radar they could come into trouble at the end of the case. They could be forced to pay up or give up property without little recourse and hope that if they win the chance at an appeal they will be able to reclaim their property back in the same condition.
Rule of the surety game: be prepared. Have the bond that your client needs for their case in all scenarios. The surety bond will protect the firm, the client, and the process, allowing things to operate smoothly without any unnecessary hindrance. If you have any questions, please don’t hesitate to contact the surety bond experts at Jurisco