What is a Bond of Caution Scotland
A Bond of Caution is a form of Financial Guarantee that is sometimes required in Scotland before permission is granted to administer a deceased’s Estate. Although sometimes referred to as Bond of Caution Insurance the bond is not an insurance contract. Bonds are very specialist with the terms of the guarantee being set by the relevant Sheriffdom.
In what circumstances is the Bond of Caution needed?
There are no specific guidelines as to the circumstances in which a Bond will be requested by the local court. The requirement will be raised by the Sheriffdom on application for permission to administer the Estate. The bond limit will usually represent the gross value of the deceased’s Estate.
Risks covered: The Bond of Caution is a financial guarantee that the administrator protects the assets of the deceased and ensures that they distribute the estate according to law. Download the document
A completed application form is normally required. Please contact us in the first instance.
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