All Surety involves three celebrations:.
- The Principal: The trustee/executor/administrator/ applicant that’s designated to perform the responsibilities and satisfying all commitments.
- The Obligee: The estate/Courts/beneficiaries for whom the administration/execution is being done.
- The Surety: The Company that is making the guarantee on behalf of the principal to the obligee.
- Manulife Financial
- Canada Life
- Sun Life
- RBC Insurance
- BMO Insurance
- Canada Protection Plan (CPP)
- Industrial Alliance
- Equitable Life
- Empire Life
How to get Estate bonds?
When is Estate bond needed?
Types Of Estate Bonds
There are a number of different types of Estate Bonds. The most typical are:
Administration Bonds are needed when there is no Will or a Will can not be situated. The purpose of an Administration Bond is to protect the creditors and lawful heirs of the estate. Different kinds of Administration Bonds exist depending on the circumstance, such as when beneficiaries consist of minor children.
Guardianship Bonds are required by the Office of the general public Guardian and Trustee or the Court to ensure that an individual designated to act as a guardian will perform his/her commitments as required by law.
Foreign Executor Bonds
This type of Estate Bond is needed when the executor( s) named in the Will lives outside the province or Canada.
Trustee in Bankruptcy Bonds
These kinds of Estate Bonds are required by the Court-appointed Trustee in Bankruptcy to guarantee that the trustee abides by the Bankruptcy Act.
Executor Bonds are mandated by the Court in order to provide assurance that the executor of an estate properly deals with, and distributes, the assets of the handicapped or deceased individual whom they are duty-bound to act on behalf of.