What is a Probate Bond?
A probate bond is a specialized type of commercial bond. This bond guarantees that the executor of an estate (or an administrator in case of an intestate estate) does their duty with regard to the assets of the estate. So, what happens is that the executor applies to a commercial surety company and gets a bond so that they will not use the money improperly, or otherwise abscond with the funds, and instead will uphold their duties with regard to the estate.
These bonds are not terribly expensive. Instead, they are very cost sensitive and do not cost too much. These bonds are what are needed to get many estates taken care of.
Good luck on getting a good probate bond for your probate estate.