What is a probate bond?

A probate bond is an insurance policy that is used in Wisconsin when a person dies and leaves behind assets. The bond is a way for the court to protect the assets when the estate is being administered. It provides a financial assurance to the court that the executor of the estate will faithfully carry out their duties and not misuse the assets. The probate bond is purchased by the executor of the estate, with the cost of the bond based on the size of the estate. The bond amount varies, but usually the minimum is set at $15,000. The bond guarantees to the court that if the executor fails to promptly pay claims and taxes, then the bond will cover any losses up to the amount of the bond. In Wisconsin, the probate process can be lengthy depending on the size and complexity of the estate, so it is important to ensure that the probate bond is in place. The bond also serves to protect the beneficiaries from any mismanagement of the estate by the executor. Without it, they would be left without financial recourse if the executor committed any acts of fraud or negligence in handling the estate.

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