What is a bond in a will?
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What is a bond in a will?
An executor bond is a form of insurance that insures one who carries out the will of a deceased person. The surety bond protects the estate and the family of the deceased from any fraudulent or illegal actions on the part of the executor and assures that the will is executed as expected.
Why would I need to be bonded?
Being bonded provides a layer of trust between your business and your customers because you are giving them assurances to the quality of your work while providing a way for them to be made financially whole if something goes wrong.
How do I know if a contractor is bonded?
Angie’s List, an online membership service that compiles consumer ratings of local service companies in multiple cities across the United States, says that consumers should ask for a contractor’s bond number and certificate of insurance to determine if your contractor is legitimately bonded and insured.
What is the difference between being insured and bonded?
The difference between being bonded and being insured When you say that you are licensed, bonded and insured, you have the required licensing for your business, proper insurance and you have made payments for additional coverage with a bond. A bond is like an added level of insurance on your coverage plan.
