Louisiana Probate Bond (All)
Louisiana Probate Bond (All) There are several different types of Probate Bonds that help protect estates and beneficiaries from fraud, embezzlement, and other illicit acts. Louisiana Probate Bond amounts are generally set by the court and are based on the value of the estate. The Bonds guarantees that the committee or person(s) appointed will faithfully discharge the trust delegated to them and they will obey all instructions of the court and account for all properties, however the court requires. Bond premiums must be paid annually until the estate is properly settled. Due to the complexity of these bonds most will require the applicant obtain the assistance of an attorney. Curator: The powers of a curator are roughly those of an executor or personal representative, and the curator acts in a fiduciary capacity to administer the estate. In other states, this person might be called a special administrator or public administrator. Guardian: A Guardian is a person appointed by the court to manage, preserve, invest and reinvest the property of a minor until the ward reaches legal age. The Guardian must account to the court on an annual basis. Administrator: An Administrator is a person appointed by a court to manage and distribute the estate of someone who has died without a will. The Administrator Bond ensures that the Administrator will faithfully and diligently administer the assets involved in litigation. The Bond protects against possible fraud or embezzlement by the Administrator. Executor: An Executor is the person named in a will, who is responsible for managing and distributing the estate of someone who has died. The Executor Bond ensures that the Executor fulfills all duties faithfully and completely. This Bond protects against possible fraud or embezzlement by the executor. Conservator: A Conservator or Conservatorship Bond is a Bond on behalf of a person who has been declared by the court as incompetent and incapable of managing his or her own affairs. The Bond guarantees that the committee will faithfully discharge the trust delegated to him and he will obey all instructions of the court and account for all properties, whenever the court requires. Tutor: In Louisiana, tutorship is what other states would refer to as guardianship, and it describes the person who is legally responsible for the care of a minor child. Tutors are often appointed when a child’s parents get divorced or when one parent dies. This is an important aspect of estate planning, as it prevents the court from determining the future of your child should something unexpected happen.
