A: An estate consists of all of the assets and possessions of an individual referred to as an “incapacitated person” or “ward.” An estate is managed by the fiduciary for the benefit of the ward, generally by guardianship or conservatorship. In the case of a decedent, the estate generally consists of all of the deceased person’s assets and possessions and is subject to distribution to heirs and beneficiaries through the probate process.
A: A probate bond is a type of financial instrument that is required by law when a person is appointed as a fiduciary. The purpose of the bond is to guarantee the fiduciary’s honest accounting and faithful performance and to provide security in the event the fiduciary mishandles the estate. The bond does not provide protection for the fiduciary, but rather is protection for others from the fiduciary’s actions.