Bond/Surety

The person appointed as an executor, administrator, guardian, conservator or curator must take an oath that he or she will faithfully perform the duties required and further must give bond before entering upon his/her duties. A bond is a certificate or evidence of a debt with a sum fixed as a penalty which contains a written agreement binding the parties to pay the penalty. It contains a condition, however, that the payment of the penalty may be avoided by the performance by one or more of the parties of certain acts.

In some instances the bond can be unsecured. If the decedent’s will states that the personal representative shall serve “without bond,” “requiring no security” or “waiving bond,” then security is not required. For other circumstances see Virginia Code §§ 64.2-50564.2-1411 and 6.2-1003.

If security is not waived then surety will be required. Surety is always required for guardianship of a minor receiving assets. Requirements for surety for all other guardianships and conservators is determined by court order. Surety has the effect of insuring the bond should it become payable.
 
Most often surety or security is obtained through a bonding company. The company must have the authority to execute bonds in this Court by having a power of attorney recorded in the Court’s records. A premium proportionate to the value of the bond is paid to the bonding company.

Below is a list of Bonding Agents whose power of attorney is on file and have been used by others in this Court. This is not an inclusive list.
 
Greg Grimes
Grimes Insurance Agency
3915 Old Lee Hwy. Suite 23-B
Fairfax, VA 22030
703-385-2778
 
R. Jackson Ratcliffe Inc.
9404 Battle Street
Manassas, VA 20110
703-368-9271
 
Buddy Rasnake
Rasnake Insurance Agency Inc.
10521 Judicial Drive Suite 205
Fairfax, VA 22030
703-273-5038
 
Paula A. Crouch
Roseberry & Foster
10428 Main Street
Fairfax, VA 22030
703-273-4300
 
Note: If you are a bonding agent and you are not on the list and you meet the criteria, please send an email and we will add you to the list.
 

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