Toll Free: 866-430-3322 7:30AM - 4:30PM MST
What is a Probate Bond?
A probate bond, also known as a fiduciary bond, estate bond, or executor bond, is a type of court bond that ensures that the person appointed to govern the distribution of a person’s assets after their death will complete the duties as appointed to them in good faith. A probate bond is often required by many courts for anyone who is appointed as an executor, guardian, trustee, or administrator on someone’s personal assets. The probate bond ensures that the executor of the will or any other assets will distribute the will according to the wishes of the deceased with full honesty. If for some reason the executor chooses to not follow the wishes of the deceased and fraud occurs, the probate bond will cover any loss from those affected by the dishonesty of the executor. The probate bond is almost always required when someone is appointed to act on behalf of another person(s).
FAQs About Probate Bonds
How much does a Probate Bond Cost?A probate bond will vary in cost depending on the coverage needed and is usually calculated based on the total value of the estate or will that the trustee or fiduciary is responsible for. Probate bonds, like most bonds, are usually between 1% and 3% of the total value of the estate. Your premium will range based on your personal credit score and financial and bond history.
Who typically needs a Probate Bond?A probate bond is needed for anyone who has been appointed as the trustee or executor of someone else's property after they have passed or if they are considered a minor, disabled, or incompetent. This responsibility can include distribution of finances, affairs, and assets, while also caring for the person's estate. The bond will typically be requested by probate courts.
What are the different types if probate bonds?There are a handful of probate bonds that typically all do the same things but the title will change according to that specific state's legislation. Other types of probate bonds include:
• Fiduciary Bonds
• Executor Bonds
• Guardianship Bonds
• Trustee Bonds
• Estate Bonds
Will bad credit affect me getting a probate bond?At The Surety Place, we have specialty programs that help those with bad credit get the bonds they need. Usually, with applicants who have bad credit, a higher premium is required and sometimes a cosigner is necessary in order for the surety to feel comfortable underwriting the bond for a higher risk applicant. Hard to place bonds are easier to obtain with our specialty programs.
Request your Probate Bond Today
What do Probate Bonds do?
The fiduciary can be responsible for a handful of things regarding someone’s personal estate or different assets after death, if the person is a minor, or has been deemed incompetent for any reason. Some of the responsibilities that would fall under the fiduciary include:
- Distributing Assets according to a will
- Paying off any debt for the diseased person(s)
- Being the responsible party for another person and making personal care and health-related decisions for the person
- Protecting the assets of an estate
- Inventorying any and all property within an estate
- Contacting beneficiaries
- Initiating and overseeing the appraisal of an estate
- Guaranteeing that taxes are calculated and paid correctly
The probate bond will protect beneficiaries from any fraudulent activity from the fiduciary that occurs or negatively effects any of the above responsibilities.
Over 50 years of Combined Surety Experience
When you choose The Surety Place, you are choosing to work with the best. Our surety experience is unmatched and our customer service is unparalleled. As an industry leader from the start, we are a national surety bond partner that you can trust, offering access to agents and businesses to achieve the right solution at the right time.
National Capabilities with A Local Feel
Unlike other surety companies, we establish a relationship with you in order to truly understand your business focus whether large or small. It is our goal to make you feel and know that your business matters. As small business owners ourselves, we know the importance of created lasting relationships with community partners. We have national underwriting capabilities but we make sure you feel like our next door neighbor. As one of the only true specialists within the industry, we supply access, partnerships and specialty programs with numerous “A” rated sureties across the nation. We are here to help you service all your bonding needs with no appointments or contracts necessary.
Because of our industry knowledge and expertise coupled with our ever-increasing specialty programs, we have the unique ability to write your bonds when no one else can, and because of our relationship with you, we will stand behind you in support to achieve your agency or business objectives.
Your Solution to ANY and ALL Bonding Needs
Our dedicated account managers are highly trained underwriters who provide our agents and clients a tailored bonding solution for their individual or corporate needs. In today’s marketplace, surety access can be limited; but with Surety Place as your partner, you’ll find the white-glove service you have been looking for. When it comes to obtaining the right probate bond for your needs, we have the solution for you. Our dedicated team knows the requirements specific to each legislation which means we will get you the RIGHT probate bond for the specific amount you need.
No matter the size of the bond or how complicated, Surety Place is built to find an answer. Poor credit, financial hardship, fast growth, or just getting your company off the ground? We have options for you too.
Read to get in Contact with our Team?
At The Surety Place, we pride ourselves in our customer service! If you have any questions regarding a bond placement, give us a call.