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Administrator Bond - Mississippi

Administrator Bond - Mississippi 2025

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The document is an Administrator Bond for the estate of a deceased individual in Mississippi, outlining the obligations of the administrators to manage the estate's assets faithfully and in accordance with legal requirements. It includes provisions for binding the administrators and surety to ensure compliance, with signatures and approval from a chancellor.

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What is an administrator bond?

An administration bond is a bond that is posted on behalf of an administrator of an estate to provide assurance that they will conduct their duties ing to the provisions of the will and/or the legal requirements of the jurisdiction.

What types of companies need to be bonded?

While some people may think of construction when contract bonds are mentioned, service contractors, manufacturers, suppliers/installers and retailers/wholesalers may need a commercial contract bond when they enter into a contract to provide work or perform a service.

Does an administrator need to be bonded?

This process mainly falls to an executor or admin of an estate, who is also required to have one. If there is any malfeasance on the part of the executor, the heirs of the estate can file a claim against the bond.

Does an executor need to be bonded?

While each state is different, California generally requires your personal representative to be bonded. The only exceptions are when the testators will expressly waives the requirement (and the court permits this to happen) or all the beneficiaries will agree in writing to waive the bond requirement.

Does a spouse automatically inherit everything in Mississippi?

Someone who dies without a will is called intestate, which invokes the strict laws of intestacy. In Mississippi in the absence of a will, a surviving spouse inherits the entire estate unless there are also surviving children, in which case the spouses share varies based on the number of children.

What percentage of a bond do you have to pay in Mississippi?

In Mississippi, the premium (the fee charged by the surety company) is typically a percentage of the total bond amount. This rate can vary depending on the surety provider but generally ranges from 10% to 15%.

Who is required to be bonded?

Individuals who typically must be bonded include union officers (both elected and non-elected), employees such as business agents, trustees, key administrative and professional staff, and clerical personnel.

What is a bond of administrator?

An administration bond covers the potential of financial losses to an estate due to improper acts by an administrator. An appointed administrator from a surety company is responsible for obtaining an administration bond.

Administrator Bond - Mississippi 2025

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