Square Mile
Registered User
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Hi
I have a technical query regarding the use of an Administration Bond while administering a will.
Does the Administration Bond indemnify the administrator of the will just for the duration of period up to the granting of the letters of administration, and the subsequent distribution of the assets to the beneficiaries, or does it extend to providing insurance to the administrator for life, e.g. in the event that a previously unknown beneficiary appears years after the estate has been distributed, or in the event of a more recent will being discovered.
Take as a given that the will is executed in the utmost good faith by the administrator, and that everything is conducted professionally and thoroughly.
Are Surety Bonds or external insurance policies still required to indemnify the administrator? What steps can be taken to eliminate or reduce the liability of the administrator.
Any clarification will be greatly appreciated.
SM
I have a technical query regarding the use of an Administration Bond while administering a will.
Does the Administration Bond indemnify the administrator of the will just for the duration of period up to the granting of the letters of administration, and the subsequent distribution of the assets to the beneficiaries, or does it extend to providing insurance to the administrator for life, e.g. in the event that a previously unknown beneficiary appears years after the estate has been distributed, or in the event of a more recent will being discovered.
Take as a given that the will is executed in the utmost good faith by the administrator, and that everything is conducted professionally and thoroughly.
Are Surety Bonds or external insurance policies still required to indemnify the administrator? What steps can be taken to eliminate or reduce the liability of the administrator.
Any clarification will be greatly appreciated.
SM