Oregon courts are going to require an administrator bond for the administrator of an estate. This type of surety bond establishes protection for the estate, heirs, and those who are owed any money. Without this type of probate bond there would be limited recourse for those wrongfully done by the administrator of the estate. Often times the administrator is named in the person’s will along with instructions about which type of bond is necessary. If this does not occur an Oregon judge will appoint an administrator and set the bond amount.
One of the main reasons that an Oregon court will require a probate bond is to protect the interest of the estate and its debtors. By having an administrator bond, the heirs and those owed money by the estate will have legal recourse to seek damages should the administrator not fulfill his or her duties correctly.
An administrator of an estate has a lot of responsibility to handle. Not only are they the person responsible for sorting out the financial assets of the estate, but they have to notify any potential heirs about their share and role in the estate. They also have to contact any persons owed money by the estate to settle up any debts. Additionally, they have to leave the estate in sound condition and follow the person’s last will and testament instructions whether that is setting up a trust, selling property, or creating scholarships.
There is a lot of weight on an executor’s shoulders and a lot can go wrong. Again this is why an Oregon court will require an administrator bond. Not only does it give the estate and heirs protection, but it protects the administrator as well. It is in the best interest of the executor to have this surety bond so they are financially protected against any suits that claim wrong doing.
Cost of an Administrator Bond in Oregon
The cost of an administrator bond in Oregon is going to fluctuate depending on the wealth of the estate. The duration of the bond will also vary. Some estates can be handled in a matter of months while others may require years until they can track down payments and heirs. Whatever the cost of a surety bond it is sure to be a small fraction of what a person would have to pay should their administrative duties be called into legal question.
An executor without surety bond protection is a sitting duck. Any party who feels they have been done wrong by the execution of the will or estate can bring a legal case against them. Without the protection of the bond the administrator would have to pay out of his or her own pocket to prove they did nothing wrong. This ties up a lot of money and time.
To find out what type of surety bond will give you the most protection as an administrator contact us at Jurisco. Our legal team assists administrators in every state and are well versed in state statute and requirements. Let us help you make being an executor of a will as simple as it can be. We will focus on the bond and you can focus on all the duties required of the administrator position.