What is a bond? What is surety?
  • A bond is a written promise that one will faithfully perform his/her duties as Executor or Administrator.
  • The bond is set at an amount greater than the estate value and is payable to the Commonwealth of Virginia.
  • A bond issued on behalf of an estate ensures that the person qualified as Administrator or Executor properly administers the assets of the estate.
    • This safeguards the interests of creditors, heirs, beneficiaries and the Commonwealth as their interests relate to the estate.
  • If neither the will nor Virginia law waive surety on a bond, surety will need to be posted on the bond.
    • Surety has the effect of insuring the bond, should it become payable.
    • Most often, surety or security is obtained through a bonding/insurance company.
    • The company must have the authority to execute bonds and the agent must provide his/her power of attorney at the time of the qualification appointment.
    • A premium proportionate to the value of the estate is paid to the bonding company.

Show All Answers

1. What is a bond? What is surety?
2. How do I arrange for surety?