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Arizona Administrator and Executor Bond

Arizona Administrator and Executor Bond

An executor bond (Arizona Administrator and Executor Bond) is similar to the administrator bond (also called Probate Bonds), both are required by county courts in Arizona of persons appointed to handle a deceased’s estate. An administrator bond is posted by the court-appointed administrator of an estate. The surety bond guarantees the estate settlement duties are managed according to the provisions of the will and the legal requirements of the jurisdiction. An Administrator Bond is similar to an Executor Bond in function but is required to handle estates where an individual either died with no will or did not have an executor. Administrator bonds are also required when the appointed executor has died, been removed or declines to serve.

An Executor Surety Bond is a bond that is required by a probate court when a person has been appointed through a will to manage the estate of the deceased. To obtain this bond, you must present a copy of the will. The purpose of the bond is to secure the proper administration of the estate.

Difference between an Executor and other very similar bonds:

An executor bond has similarities with administrator, guardianship, conservatorship and trustee bonds, with the following differences they have.

Administrator:  Has been delegated to handle the estate of a deceased.

Executor: Principal has been appointed through a will to handle the estate of a deceased. Conservatorship: Principal has been appointed by the courts to handle the assets of a person who has been affirmed unable to handle their own affairs.

Guardianship: Principal has been appointed to protect the assets of a minor until they reach a majority of age.

Trustee: Principal has been appointed through a trust to handle the estate of the deceased.

Arizona Administrator and Executor Bond