Managing the affairs of an estate is a large responsibility. When you're acting as the personal representative for someone who's passed away, you need to reassure all of those involved that you can act responsibly to manage that person's affairs.
One way to reassure those involved is by securing a Personal Representative Bond.
What is a Personal Representative Bond?
A Personal Representative Bond is a type of surety bond that promises you will follow through with your duties and obligations.
A Personal Representative Bond reassures those connected to the estate that you will manage the deceased person's affairs in a responsible and ethical manner, complying with all local, state, and federal laws and obligations.
If the surety company has to pay out on a bond claim, they will go to the personal representative for reimbursement. The personal representative is responsible for repaying every penny of the bond claim.
If you've been asked to act as someone's personal representative or you've been appointed to do so, you have some substantial work ahead of you.
You're responsible for helping to establish the value of assets in the estate. You must ensure that the individual's debts and taxes are paid. You also need to make sure that when everything has been completed, the heirs of the estate have a full account of the affairs of the deceased person.
When you are acting in this capacity in the state of Oregon, the probate court will require you to hold an Oregon Personal Representative Bond.
The only time a bond is not required is if the will states that no bond is required.
How to Get an Oregon Personal Representative Court Bond
When you get a personal representative court bond, the court will set the amount of the bond.
The bond amount will be no less than $1000. The amount will vary depending on the value of the estate and the amount of debt and taxes owing on the estate.