Terms

This resource is designed to cut through the complexity. We provide clear, concise, and easy-to-understand definitions for the key terms used in probate and estate administration in Virginia.

Estate Probate Terms

Administration: Court-supervised process for estates without a will.
Administrator: Court-appointed person managing an estate without a will.
Beneficiary: Receives assets from an estate.
Bequest/Devise: Gift through a will (personal property/real property).
Codicil: Amendment to a will.
Creditor: Someone the deceased owed money to.
Decedent: The deceased person.
Estate: All property and assets owned at death.
Executor: Person named in a will to manage the estate.
Fiduciary: Acts in the best interests of another party (e.g., executor, administrator).
Heir: Inherits property if there is no will.
Intestate: Died without a valid will.
Letters of Administration/Letters Testamentary: Court documents granting authority to the personal representative.
Personal Representative (PR): Oversees estate distribution (executor or administrator).
Probate: Legal process for distributing a deceased person's assets.
Surety: Company that issues the probate bond.
Testate: Died with a valid will.
Trust: Legal arrangement where a trustee manages assets for beneficiaries.

• Will (Last Will and Testament): Document outlining asset distribution after death.

Probate Bond

A probate bond, also known as a fiduciary bond, executor bond, or estate bond, is a financial guarantee ensuring the individual managing an estate (fiduciary) fulfills their duties. It protects beneficiaries and creditors from financial loss due to fiduciary misconduct.

Key Aspects of Probate Bonds:

Purpose: Protects heirs and creditors against mismanagement or embezzlement of estate assets.
Mechanism: Involves three parties: the principal (fiduciary), the obligee(beneficiaries/estate), and the surety (bonding company).
Types: Include Administrator, Executor, Conservator/Guardianship, and Trustee bonds, all serving to guarantee fiduciary performance.
Requirement: Often required by courts unless waived by the will or beneficiaries and approved by the court.
Cost and Claims: The fiduciary pays a premium, potentially reimbursed by the estate. The surety pays valid claims and seeks reimbursement from the fiduciary.