3. Post a bond

You may have to post a bond or apply for a court order saying that a bond is not necessary.

A bond is an amount of money that's meant to protect the and creditors of the . If you don't administer the estate properly, your guarantor, also called a surety, could be held responsible and required to pay the amount of the bond.

The following companies or persons can be proposed as a surety for the bond:

  • an insurer who is licensed in Ontario to write surety and fidelity insurance in Ontario
  • for estates valued at over $100,000, two personal sureties
  • for estates valued at $100,000 or less, one personal surety

A personal surety must be an adult Ontario resident and have enough to pay the amount of the bond. They cannot be a lawyer or court registrar.

A judge decides if the surety is suitable and the amount of the bond. The amount of the bond is usually double the amount of the value of the estate.

Personal liability

Estate trustees have “personal liability”. This means that if you make a mistake dealing with the estate, you might have to pay back any money the estate lost because of your mistake.

You might be able to get insurance. This can give you some protection if you make an honest mistake or you get sued. An estates lawyer can help you with this.

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