Bond

A written promise to pay money or do some act if certain circumstances occur or a certain amount of time lapses. Often, administrators, executors, and trustees are required to post a bond before a Court willA legal document which expresses a person’s final wishes about what happens to their property after they pass away, often specifically identifying intended beneficiaries for specific items of property. grant them authority. This is meant to insure beneficiaries against fraud or other misconduct by an administratorA person appointed by the probate court to manage the assets and liabilities of an intestate decedent., executorA person who is identified in a decedent’s will as the person the decedent wants to become responsible for administering the decedent’s estate according to the terms and instructions of the will., or trusteeA person who stands in a fiduciary relation to another, having been given legal title to someone else’s property for the benefit of a third party..