Administrator Bond

Adminstrator Bonds can also be referred to as Executor Bonds.

An administrator, or executor, is a person who has been legally deemed worthy of the right to control the affairs of an estate belonging to a deceased individual. This can also be a person who directs or manages the affairs of a company. This is closely related to a conservator, which is someone who is appointed to manage a person's interest(s) when said person is incapable for whatever reason (mental incompetence, age, etc.).

The purpose of an Administrator Bond is to make sure that the administrator of an estate fulfills his or her duties properly according to the will of the deceased or the requirements of the jurisdiction as outlined by law.

An Administrator Bond covers any and all financial losses to the estate in relation to acts by the administrator or executor that are dishonest or improper in any way.

Administrators are responsible for taking inventory of and protecting the estate's assets, trying to find heirs to the estate, paying off any outstanding debt attached to the estate, making sure the taxes are paid and calculated correctly for the estate, and so on and so forth.

Some states will also require that administrators obtain an Administrator Bond in order to protect both the deceased individual and the beneficiaries of this individual from dishonest acts such as embezzlement, fraud, and other acts of this sort.

Some people will include in their last will and testament that an Administrator Bond is not required.