A third party agreeing to indemnify creditors is known as?

The term for a third party who agrees to indemnify creditors is referred to as a surety. In the context of estates and obligations, a surety is someone who provides a guarantee for the performance or payment obligations of another party. If the principal (the person whose obligation is being guaranteed) fails to meet their obligations, the surety is responsible for fulfilling those obligations or compensating the creditor.

This concept is crucial in estate law as it protects creditors by ensuring that they have recourse to another party if the original debtor defaults. In many arrangements, the involvement of a surety can provide additional security to the transactions and promote trust in the fulfillment of debts.

The other roles mentioned—like a guardian, attorney, or executor—serve distinct functions in legal contexts. A guardian typically has responsibilities related to the care of a person or their estate, an attorney represents clients in legal matters, and an executor administers a deceased person’s estate according to their will. None of these roles align with the specific function of agreeing to indemnify creditors, which is why they do not represent the correct answer in this scenario.