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What is a surety guarantee?

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symbol of justice for surety guarantee

What is a surety guarantee?

A surety guarantee is a guarantee given by a third party to make good any loss suffered by a beneficiary where an administrator improperly benefits him or herself or otherwise acts unlawfully.

Surety guarantees are usually required where one or more beneficiaries of an intestate estate are under the age of 18 years or where a grant of Letters of Administration is made for the use and benefit of another person.

 

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