Which bond is required when a court appoints someone to manage the estate of a deceased individual?

A probate bond is required when a court appoints someone, often referred to as an executor or administrator, to manage the estate of a deceased individual. This bond serves as a form of insurance that protects the estate's assets and the interests of the beneficiaries. It ensures that the appointed individual will carry out their duties honestly and according to the law. If they fail to do so, or if they mismanage the estate, the probate bond provides a financial recovery mechanism for the parties affected.

Other types of bonds mentioned, such as a blue sky bond, are generally related to securities and investment matters to protect against fraudulent investment practices. An appeal bond is utilized in legal proceedings to ensure that a party will fulfill a judgment if they lose their appeal. A conservation bond would relate to environmental matters or the preservation of resources and is not concerned with estate management. Therefore, the probate bond is specifically tailored to address the fiduciary responsibilities tied to managing a deceased individual's estate.