Q: What is a universal appointment bond. If the bond says $300,000 what does that mean and why. Thank you for your help
A: It means that if the executor or administrator were to fail in his duties to the beneficiaries of the probate estate, then the beneficiaries can claim against the bond up to the amount of $300,000. Often the bond is a personal bond with no surety, meaning it is given by the executor or administrator personally. Sometimes the bond is given with surety, which is similar to an insurance policy.
Neville Bedford agrees with this answer
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