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1. 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.

2. How do I arrange for surety?

If it is determined that surety on a bond is required,

• a bonding or insurance company should be contacted to act as surety
• you may contact your own insurance agent to inquire if they post fiduciary (Executor/Administrator) bonds
• the Clerk’s Office can provide a list of known companies that may be able to assist.