The State of Vermont presented new legislation relating to the executor of an estate. The new law is labeled HB 461 and states that the judge of probate would establish the amount required for the surety bond that could be acquired regarding an application for the appointment of an administrator or executor of an estate. The present law requires a surety bond at a minimum of $300, and it is conditioned on the payment of funeral costs. A receipt for the payment of such expenses may be presented in place of the surety bond. The new bill has passed the House and has now moved on to the senate.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.