A bond, customarily filed in a probate court, that guarantees an honest accounting and faithful performance of duties by administrators, trustees, guardians, executors, and other fiduciaries. (See also Fiduciary Bond.) Click here for Probate Bond Application and General Instructions.
Decedent's Estate - The property that a person (decedent) possesses at the time of his or her death.
Administrator - The person appointed by the court to be responsible for the administration of the estate of a decedent who died without a will.
Executor - The person appointed by the court to be responsible for the administration of the estate of a decedent who died with a will.
Incompetent Estates:
1. A Minor (child) under the age of 18 is “incompetent” based on age
2. Incompetency can also be based on a person’s mental ability to take care of themselves and their property.
Conservator - A person appointed by the Court to take care of the assets of a person is incompetent.