Bond - Personal Sureties

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Bond - Personal Sureties is a commonly used form within Ontario. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

Atticus Fast Facts About Bond - Personal Sureties

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Bond - Personal Sureties:

• This form pertains to the State of Ontario

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Ontario’s Form 74M - Bond - Personal Sureties up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Ontario form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Ontario probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form 74M, take a break, and then review. Probate and estate settlement processes in ON are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form 74M online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form 74M witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Bond - Personal Sureties to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

Need help getting in touch with a local probate court or identifying a domicile probate jurisdiction?

👉 Find and Contact your Local Probate Court

👉 What is a Domicile Jurisdiction?

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Ontario.

5 reasons you should submit 74M as quickly as possible:

1. The sooner you begin, the faster Ontario can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Ontario. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Ontario is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Ontario probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Ontario probate clerk or court for exact answers regarding Form 74M, and when in doubt— consult a qualified trust & estates lawyer for that area.

Bond - Personal Sureties is one of the many probate court forms available for download through Atticus.

It may also be available through some Ontario probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Ontario.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form 74M - Bond - Personal Sureties f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Ontario probate court office.

Bond - Personal Sureties is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Ontario-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Ontario Form 74M - Bond - Personal Sureties. You can use this to get an idea of the context of the form and what type of information is needed.

Page 1 of 2 FORM 74M Courts of Justice Act ONTARIO SUPERIOR COURT OF JUSTICE BOND — PERSONAL SURETIES BOND NO. _____________ AMOUNT: $ ________ _____ In the estate of _____________________, deceased. The principal in this bond is ______________________. The sureties in this bond are ________________________________________________________. The obligee in this bond is the Accountant of the Superior Court of Justice acting for the benefit of creditors and persons entitled to share in the estate of the deceased. The principal and the suret ies bind themselves, their heirs, executors, successors and assigns jointly and severally to the Accountant of the Superior Court of Justice in the amount of __________________________ Dollars ($________________). The principal as an estate trustee is required to prepare a complete and true inventory of all the property of the deceased, collect the assets of the estate, pay the debts of the estate, distribute the property of the deceased according to law, and render a complete and true accounting of these activities when lawfully required. The primary obligation under this bond belongs to the principal. The principal is liable under this bond for any amount found by the court to be owing to any creditors of the estate and persons entitled to share in the estate to whom proper payment has not been made. The sureties, provided they have been given reasonable notice of any proceeding in which judgment may be given against the principal for failure to perform the obligations of this bond shall, on order of the court, and on default of the principal to pay any final judgment made against the principal in the proceeding, pay to the obligee the amount of any deficiency in the payment by the principal, but the sureties shall not be liable to pay more t han the amount of the bond. The amount of this bond shall be reduced by and to the extent of any payment made under the bond pursuant to an order of the court. The sureties are entitled to an assignment of the rights of any person who receives payment or benefit from the proceeds of this bond, to the extent of such payment or benefit received. Date : SIGNED, SEALED AND DELIVERED in the presence of: ______________________________________ Principal _____________________________________ Witness Surety Page 2 of 2 Surety (Reproduce this section for multiple sureties) AFFIDAVIT OF SURETY I, ____________________, of _________________________________________________ (city or town and county, district, or regional municipality of residence ) make oath and say/affirm: I am a proposed surety on behalf of the intended estate trustees of the property of _ _____________, deceased, named in the attached bond. I am eighteen years of age or over and own property worth $ _________________ over and above all encumbrances, and over and above what will pay my just debts and every sum for which I am now bail or for which I am liable as surety or endorser or otherwise. Sworn or Affirmed before me: in person OR by video conference Complete if affidavit is being sworn or affirmed in person: by (City, Town, etc.) of (name of deponent) at t he (name of city, town, etc.) in the (County, Regional Municipality, etc.) of (name of County, Regional Municipality, etc.), before me on (date). Use one of the following if affidavit is being sworn or affirmed by video conference: Complete if applicant and commissioner are in same city or town: by (City, Town, etc.) of (name of deponent) at t he (name of city, town, etc.) in the (County, Regional Municipality, etc.) of (name of County, Regional Municipality, etc.), before me on (date) in accordance with O. Reg. 431/20, Administering Oath or Declaration Remotely. Complete if applicant and commissioner are not in same city or town: by (City, Town, etc.) of (name of deponent) at t he (name of city, town, etc.) in the (County, Regional Municipality, etc.) of (name of County, Regional Municipality, etc.), before me at the (City, Town, etc.) of (name of city, town, etc.) in the (County, Regional Municipality, etc.) of (name of County, Regional Municipality, etc.), on (date) in accordance with O. Reg. 431/20, Administering Oath or Declaration Remotely. This __________ day of _________________, ____________ Signature of Commissioner Signature of Deponent RCP-E 74M (September 1, 2021)