Frequently Asked Questions
What is probate?
Probate is a legal procedure that will sometimes be required after a person dies. The purpose of probate is to ensure the correct person(s) inherits the property of the deceased. An executor is named during the probate process.
What is an executor?
The executor is in charge of the deceased person's estate and is named executor in the will.
The responsibilities of the executor are as follows:
Prove the validity of the will in court
Identify, appraise, and take inventory of the deceased person's assets
Pay claims and taxes remaining from the deceased person's estate
Distribute property from the deceased person’s estate to the heirs
(Note: You are named administrator of an estate if there is no will. The administrator has the same responsibilities as an executor)
What is a bond?
A surety bond supports the financial stability of the bond purchaser.
Bonds are intended as an added protection if the bond purchaser (or principal) is liable for not fulfilling their responsibilities.
Why am I required to have a bond?
It is a state law in Illinois that you are required to have a bond to protect the interest of the heirs to an estate and any claimants. If you go to court without a bond, the judge will ask you to procure one before issuing letters.
What are letters?
Letters are an important part of the probate process. If you are the executor of an estate or want to become the administrator of an estate, you need to go to court to be appointed.
When you go to court to be appointed as the executor or administrator of an estate, your hope is to obtain letters that prove you are in charge of said estate. If the court agrees that you should be the person appointed and the order is issued by the judge to appoint you, then you will receive letters.
These letters are formal documents that allow an executor or administrator to act on behalf of the estate. The letters make you the official head of an estate.
To get other institutions to cooperate (banks, investment companies, credit card companies, etc.), an executor needs formal documents stating they have the right to act.
These letters are official proof that a person is appointed by the court.
What is Trausch Insurance?
We are a bonding company. We provide surety bonds to attorneys and law firms to help facilitate their client’s ability to be appointed.
Why am I paying a premium?
The premium is the fee that covers the cost of the bond and pays the bonding company for its service. When a bond is issued by a bonding company, like Trausch Insurance, that bonding company has helped to facilitate the process of becoming an administrator. A bonding company provides a service to help someone be appointed to an estate.
What happens if I don’t need the bond anymore?
If an estate needs to be closed and you no longer need a bond, the administrator will need to appear before the judge and present proof they have fulfilled their duties to the estate.
If you are the administrator, you must prove to the court that you have made the distribution to all the heirs and that you have received receipts proving they have been paid.
You will also need to prove that all claimants are paid: attorney fees, bond premiums, court costs, etc. This proof will need to be presented as vouchers.
Then, an order of discharge is presented in court to discharge an administrator from an estate. The judge must accept this in court before a person is officially discharged from the case.
When the order of discharge is obtained, it will need to be sent to the bonding company before they can close out the bond.
What is a voucher?
A voucher is used to prove that an executor or administrator has paid all the bills associated with the estate. Invoices or receipts prove to the court that the executor, or administrator, has paid the heirs and claimants.