A Vermont Administrator Bond is required by statute before letters testamentary or of administration may be issued. The Vermont fiduciary bond requirement can be found in Chapter 61: Executors & Administrators, 14 V.S.A. § 906, which states, “a person to be appointed shall give a Vermont administrator bond in such reasonable sum as the probate division of the superior court directs, with one or more sufficient sureties. Vermont has a state-specific fiduciary bond form (Probate Court Form No. 20 Executor’s /Administrator’s Bond) which must be used when preparing the obligation. The Vermont administrator bond guarantees that the administrator will make and return to the probate division of the superior court within 30 days a true and perfect inventory of the goods, chattels, rights, credits and estate of the deceased, which shall come into the possession or knowledge of the person appointed, or into the possession of any other person for the person appointed.
The Vermont administrator bond must guarantee that the appointee will administer according to law, and if a Vermont executor bond, according to the will of the testator, all goods, chattels, rights, credits and estate which shall at any time come into the possession of the person appointed, or into the possession of any other person for the person appointed, and of the same, pay and discharge all debts, legacies and charges on the same, or dividends thereon as shall be decreed by the probate division of the superior court. The Vermont administrator bond guarantees that the administrator will render a true and just account of administration to the probate division of the superior court within one year and at any other time when required by the court, and will pay to the state treasurer all inheritance and transfer taxes which the person appointed is required to pay by the provisions of chapters 181 and 183 of Title 32 and to perform all other duties required by those chapters. Lastly, the Vermont executor bond guarantees that the appointee will perform all orders and decrees of the probate division of the superior court.
Vermont surety bond leader, Surety One, Inc. is one of the largest probate bond underwriters in the United States. Our underwriting solutions can provide you the fiduciary bond that you need. We can offer you Vermont probate bond terms no matter what your financial condition. Visit us at SuretyOne.com, call (800) 373-2804, or email Underwriting@SuretyOne.com for a Vermont administrator bond application or information about any fiduciary bond need.