19th Jan 2017
Recent posts have looked at a number of safeguards in the context of a Special Administrator. A Court often appoints a Special Administrator instantly, without notice, to attend to pressing issues in an estate. To protect those interested in the estate, the law provides several safeguards against bad acts of a Special Administrator. The first safeguard discussed was an accounting. The second safeguard discussed was the preference for appointment of Special Administrators.
The next safeguard is: a bond. Okla. Stat. tit. 58 § 214 states that before Letters of Special Administration issue to any person, they must give a bond in an amount and with terms to the satisfaction of the Court. Without going too deep into the weeds, a bond is a contractual agreement, similar to an insurance policy, that is a possible source of recovery for the beneficiaries of an estate if the Special Administrator should act improperly. Bonds have some expense and hassle involved, and they are not always required.
So, a Special Administrator is often appointed instantly; however, in some cases there is a bond providing some protection to beneficiaries of the estate, should the Special Administrator act improperly.
If our office may be of assistance to you in these areas, do not hesitate to contact us at (580) 338-6503 or at firstname.lastname@example.org or using any of our contact information in the profile. You can also visit www.fieldandhicks.com for more information.
This blog contains general information and the opinions of the author – not legal advice; you should seek the advice of competent counsel (attorney/lawyer) when considering any legal issues.