Administrator Bond in Illinois

Administrator Bond in IllinoisAdministrator Bond in Illinois are written to protect beneficiaries and creditors of an estate . The fiduciary is mandated by the State and local ordinances often add on to those requirements laid out there-in. Making an administrator bond necessary for personal representatives affects all types of estates whether they are in the big city of Chicago or the suburbs of Waukegan. This makes administrator bonds one of the most common types of surety bonds Jurisco writes for clients in Illinois.

An administrator bond, also referred to as an executor bond or personal representative bond, is required because the State wants to protect the integrity of an estate. Executors carry a great responsibility when finalizing the decedent’s estate. Not only must they notify all beneficiaries, creditors and debtors to the estate, but handle all financial loose ends.

The courts name administrators if they are not named in the person’s last will and testament. There are situations where a person’s last will and testament will waive the requirement of having a bond (for example, when the personal representative is a close relation). However, the court may exercise its power and still mandate the action.

Why is an Administrator Bond in Illinois necessary?

  • A personal representative could fail to pay taxes thereby creating a personal debt to the government.
  • The executor could be drawing out the closure of an estate costing creditors and beneficiaries time and money.
  • Months after the closing of the estate a new beneficiary may come forward and demand payment.

Those are only a few scenarios in which administrator bonds can protect the estate. Like other surety bonds, an executor bond is made for protection. The court wants to ensure the estate and all parties involved have proper recourse should things go awry.

A surety bond expert at Jurisco can discuss the writing process and the cost associated with administrator bonds. Our application process is quick and simple. You may even fill out an online application or we can fax one over. Should you have any additional questions about administrator bonds feel free to contact Jurisco, right now.

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