A Louisiana Administrator’s Bond is a type of surety bond that guarantees the faithful performance of the Administrator’s duties as appointed by the court. This type of bond provides financial protection to the estate of a deceased person in the event the Administrator fails to comply with the court’s orders or mismanages the estate. There are two primary types of Louisiana Administrator’s Bond: Probate Bond and Testamentary Bond. A Probate Bond is required for an Administrator who is appointed by the court to administer the estate of a deceased person who did not have a valid will. A Testamentary Bond is required for an Administrator who is appointed by the court to administer the estate of a deceased person who had a valid will. Both types of Louisiana Administrator’s Bond provide security and protection for the beneficiaries of the estate.
Louisiana Administrator?s Bond
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How to fill out Louisiana Administrator?s Bond?
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Protecting assets for the benefit of the heirs of the estate. Taking inventory of all property and assets belonging to the estate. Transferring titles of ownership to heirs. Selling assets to distribute the proceeds to heirs.
An administrator bond guarantees the performance of specific fiduciary duties. The administrator or administratrix must identify all heirs and creditors, collect the deceased's assets and appraise them, pay all debts of the deceased, then distribute the remaining assets to the heirs.
Administrative bond It means that there must be two sureties who have sufficient assets within the jurisdiction comparable to the amount of the deceased's estate as security for the estate administration.
By the time the executor takes inventory and creditors have an opportunity to submit claims, it will be at least six months. Expect succession to take from six months to a year before the final assets may be distributed to the heirs. In complicated situations, that timeline may be extended to several years.
If a financial institution is appointed as the administrator of an estate, then an administration bond is not required. Also, if there is a valid will or other estate planning document in place which states to not have a bond, an administration bond will not be requested.
