Is a New York Executor Required to File a Bond?

Unlike things such as paying debts and distributing assets, for first-time executors, the requirement for a bond is most likely not something that the executor is familiar with. Understanding when a bond is required and what a bond is can be an essential part of administering an estate. Consulting with a New York estate attorney is the best way to figure out how to move forward if the Surrogate’s Court requires a bond.

A bond is similar to an insurance policy. For Surrogate’s Court, a bond is meant to protect the assets of an estate from wrongful acts on behalf of the executor, such as if the executor is stealing from the estate or otherwise acts improperly. Usually, the amount of the bond is based on the value of the estate.

While someone could be appointed the executor by the court, it is possible for that executor to be rejected from getting a bond, usually because the executor poses a risk, based on criminal history or bad credit. This is because bonding companies are reluctant to bond a potential executor who may pose a risk to the estate. If the bonding company rejects the Executor, it is likely that they will have to forfeit the position.

Most times, in recent years, a will does not require the executor to file a bond, but a bond could still be required if the will is silent on whether or not it will be required. Bonds are usually required in the case of intestate estates unless all of the potential beneficiaries agree to allow the administrator to take on their duties without a bond. Finally, if an executor is from out of state, it is more likely that the court will make them get a bond.

Once the executor has paid off all of the estate creditors and gave the beneficiaries of the estate their inheritance, and the probate has been completed, the bonding company will terminate the bond.

Working with a New York estate attorney is the best way to avoid issues when it comes to settling the estate and getting the bond terminated. Each jurisdiction in New York may handle bonds differently and may have different requirements. Hiring an attorney who knows how each jurisdiction works is important. Call the Law Offices of Albert Goodwin at (212) 233-1233, New York estate, guardianship, wills, trust, Medicaid and probate lawyer, and make an appointment today.

Attorney Albert Goodwin

About the Author

Albert Goodwin Esq. is a licenced New York attorney with over 15 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].

Contact Us









Albert Goodwin gave interviews to and appeared on the following media outlets:

ProPublica Forbes ABC CNBC CBS NBC News Discovery Wall Street Journal NPR

Client Reviews

Verified feedback from our clients

Mr. Goodwin is everything you want in an attorney: professional, honest, thorough, and genuinely caring. He always explains things clearly, so I understood exactly what was happening and what to expect next. His attention to detail and persistence really stood out. Looking back, I feel lucky to have found him. He guided me through the whole process expertly, and I deeply appreciate all his hard work. Would definitely recommend him to anyone needing legal help.

Sarah M

Legal Services

Thanks to Mr. Albert Goodwin's hard work and smart thinking, I finally won my case, which has been a long time coming. He figured out solutions that no one else could see. I'm really impressed by his strong ethics - something that's rare these days. As my lawyer, he went above and beyond what I expected. I'm so grateful I found him and would definitely recommend him to anyone needing legal help.

Lawrence H

Legal Services

From our first meeting, I knew I was in great hands with Albert and his associate Katrina. They handled my case with incredible skill and efficiency, even though they took it over from another firm. What impressed me most was how quickly Albert responded to my questions with honest, clear answers - no sugarcoating, just straight talk. They managed a huge workload under tight deadlines, and their fees were very reasonable for such high-quality work. Beyond his legal expertise, Albert's wit and personality made a difficult process much easier to handle. I'm deeply grateful for their hard work and would absolutely choose them again. If you need legal help in New York, you won't find better representation than Albert's firm.

Adam F

Legal Services

VIEW MORE
New York State Bar Association Member Badge New York City Bar Association Member Badge American Bar Association Member Badge Avvo Rated Attorney Badge