Personal Representative Bond In North Carolina

personal representative bondEven the inevitability of death cannot prepare people for what happens when an individual dies. This is why the state of North Carolina requires a Personal Representative to be appointed to handle the final expenses and distribution of assets of a person who has died.

A Personal Representative, often referred to as an Administrator or Executor, is responsible for the estate and all its financial holdings. The personal representative can be named by the individual before they die or they can be appointed by the court. The position can go to a family member but can also go to someone outside the family line.

Surety Bond Protection

North Carolina, along with other states, choose the personal representative bond to help protect not only the heirs to an estate but outside parties as well. One of the main responsibilities of an administrator of an estate is to settle any debts or issues. This surety bond protects all interested parties in the event the administrator does not fulfill their duties.

Surety bonds such as the personal representative bond are designed and mandated to protect against unlawful activity. Whether it is an appeal bond for a defendant or a bond in order to garnish wages, the court system uses a surety bond to give people financial protection against wrongdoing in those cases.

How A Bond Helps

If a relative or creditor of an estate feels the administrator is not meeting his or her responsibilities then a personal representative bond protects them financially. In the event that an administrator fails to distribute funds per to the estate’s rules and if creditors are not paid a North Carolina judge covers the financial burden with the surety bond.

Since the surety bond was secured before the administrator took over responsibilities the estate does not have to cover a financial loss or deal with a lengthy court battle over money. Instead, the personal representative bond makes sure that the individual’s last wishes are granted and that any family, heirs, or creditors are taken care of properly.

Jurisco can help secure a personal representative bond quickly that will cover all North Carolina mandates and responsibilities. The lawyer-trained staff is able to assess needs fully so any surety bond we provide covers everything a personal representative can encounter.

Trust the Surety Bond Experts

The Jurisco lawyer-trained staff are here to help you today.