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Small & Emerging Contractors


What's New: General

Washington Post article illustrates the importance of having surety bonds required by law

Tuesday, August 12, 2014  

"Joseph Stuart, one of the family’s attorneys, said the case points to a hole in Virginia law. In drafting Edward and Pearl Buckley’s wills, Kincheloe and the Buckleys waived an option requiring the executor to get insurance in the event the estates were misappropriated.

Stuart said the insurance, or surety bond, would have allowed Buckley’s beneficiaries to be reimbursed for Kincheloe’s misdeeds and possibly have prevented the entire mess. Stuart said Kincheloe, who filed for bankruptcy shortly after he was removed as executor, may not have been able to get the necessary insurance if insurers discovered he was in financial distress.

He says Virginia should require attorneys qualifying as executors for non-relatives to get the surety bond."

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