Simplifying the Process for Executors, Administrators & Trustees

ESTATE PROGRAM FOR INDIVIDUALS

When you’re appointed executor, administrator, or trustee, you’re entrusted with the critical responsibility of managing the estate’s affairs and ensuring that the deceased’s wishes are carried out correctly. This is often carried out with the assistance of a trusted legal professional in the estate legal space. Estate administration can be complex and time-consuming, and securing the proper estate bond is essential to that responsibility.

Ferrari & Associates specialize s in making the estate bonding as straightforward as possible through our industry-leading Estate Program and its team of experts. We aim to provide the necessary support and resources to carry out your fiduciary duties easily and confidently.

What You Need to Know About Estate Bonds

An estate bond (also known as a fiduciary, probate, or executor bond) is a legal requirement that guarantees the individual managing the estate fulfills their duties as required by law. This bond protects the estate and its beneficiaries, ensuring that the executor or administrator acts in good faith and responsibly handles the estate’s assets.

Tip: If you’re dealing with a small estate, a bond waiver may be available, depending on your province and the estate’s circumstances. We can often consult and help guide you through this process if a waiver is an option.

Our estate Program offers expert solutions for all your bonding needs:

Estate & Guardianship Bonds
Trustee Insurance
Expert Guidance Backed by STEP Canada affiliated member(s)
Straight-to-the-Point Term Estimates & No-Frills Bespoke Solutions
Streamlined Workflows with Simple Placements & Closure of Bonds & Policies

Steps to Secure Your Estate Bond

1. Understand the Need for an Estate Bond

Estate bonds are designed to protect the estate from potential mismanagement, fraud, or misconduct by the fiduciary. As an executor, administrator, or trustee, the bond guarantees that you will act responsibly and comply with the law.

Tip: If you manage a small estate, you may qualify for a bond waiver. If you’re unsure, contact us to explore this possibility.

2. Gather Necessary Documentation

To apply for an estate bond, you’ll need to provide certain documents to the surety company, including:

A Bond Application and Personal Net Worth Statement showing your personal assets to assess your capacity to undertake a bond

A list of estate assets and liabilities.

Court documents and other legal documents required by the court and prepped by the law office assisting you.

These documents will help streamline the process, ensuring the bond is issued without unnecessary delays.

Tip: Work closely with your lawyer to ensure all documents are accurate and current. If needed, your lawyer can assist in gathering the necessary paperwork for the bond waiver process.

3. Work with Ferrari & Associates’ Team of Surety Experts

Ferrari & Associates specializes in helping executors, administrators, and trustees secure the proper estate bonds. Our experts are affiliate members of STEP Canada – an industry-recognized association of estate professionals considered trusted in their field. We work with you throughout the process—from evaluating your bonding needs to submitting the application and finalizing the bond. We’ll ensure you get the support and expert guidance to handle all your estate administration duties.

Our team will assist with:

Evaluating your bonding needs and determining the appropriate bond amount.

Guiding you through the application process to ensure all requirements are met.

Addressing complications, such as beneficiary disputes or the inclusion of jurisdictional factors outside the standard estate matter, and helping you resolve them swiftly.

Tip: Our Estate Program is designed to be efficient and straightforward. Whether you’re managing a simple or complex estate, our expertise ensures you have the right support every step of the way.

4. Understand the Bond Approval Process

Once you’ve submitted your estate bond application, the surety will review the documentation and assess the risk before approving the bond. This includes reviewing the financial stability and suitability of the executor or administrator.

Tip: The approval process may take longer for larger estates or cases involving complex assets. However, we can expedite it, ensuring that the estate is administered promptly and according to court timelines, and most importantly, your timeline.

5. Closing the Bond: What Happens When the Estate is Settled?

The bond can be closed once the estate has been fully administered, including the distribution of assets and payment of debts. In most cases, this involves a hard closure, where the original bond instrument is returned to the surety, and the law office makes confirmation. However, with soft closure, the bond remains in force until the estate is completely settled, often reducing premiums and making the process more cost-effective.

Tip: Work with your lawyer to finalize the closure process. Once the estate is administered and the beneficiaries acknowledge their disbursements, a dated letter from the law office can help finalize the bond closure.

Dustin SanVido is the Sr. Surety Account Executive and Director of Ferrari & Associates' Estates Program

Contact Dustin

Why Work with Ferrari & Associates?
We understand that estate administration can be overwhelming, but securing the proper bond doesn’t have to be. With over a decade of experience in estate bonding, we provide personalized service and streamlined processes to ensure everything runs smoothly. Our expert team is dedicated to guiding you through each step of the bonding process, ensuring that your responsibilities as an executor, administrator, or trustee are fulfilled confidently and in full compliance with the law.

Key Benefits of Working with Us:

Tailored bonding solutions to meet your unique needs.

Expert guidance throughout the estate bonding process.

Quick and efficient application process with personalized support

Competitive rates to ensure you get the best value for your bond.

ESTATE BOND REQUEST

Let's Connect!
Dustin SanVido is Ferrari & Associates Insurance and Financial Services’ Sr. Surety Account Executive & Director of the Estates Program. With over a decade of experience in estate and fiduciary bonding,

Navigating the estate administration process doesn't need to be complicated. At Ferrari & Associates, we provide expert guidance and support to help you manage your responsibilities effectively. If you need assistance with estate bonding or have any questions, I am available to help.

Feel free to contact me directly:

Dustin Sanvido
Sr. Surety Account Executive | Director of Estates Program

Ferrari & Associates Insurance and Financial Services
📧 [email protected]
📞 905-856-9199 x 282

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*The information provided on this page is for information purposes only and should not be taken as insurance advice. For actual surety advice, please contact Ferrari & Associates at 1-888-467-8989

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