Probate Bonds

How does a Probate Bond work? [What is it?]

If you have been assigned the role of the fiduciary or executor of an estate in a will or by a court of law, you may need to secure a Probate Bond (also known as a Fiduciary Bond). Even if the will stipulates a bond isn’t necessary, the judge may have the ability to order the fiduciary to purchase a bond. However, requirements set by the court vary by state, city, county and township, since probate laws differ by jurisdiction.

Another reason you may be ordered to get a Probate Bond is if the court has appointed you as a guardian or custodian for a minor or an individual who is unable to make financial decisions.

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Mortgage H.
Mortgage H.
20:51 02 Mar 22
Surety Solutions goes above and beyond their duty to make their customer feel confident that they are choosing the right company. Jessi Wimer personally helped me through the process. She was very informative and made sure that every concern I had was dealt with in the most professional and efficient way. Thank you for your hard work!
Chris L.
Chris L.
17:07 08 Feb 22
Excellent service; they exceeded my expectations in timeliness and professionalism.
Bridgette M. B.
Bridgette M. B.
23:24 10 Dec 21
Client services provided quick and accurate responses.
James G.
James G.
17:49 30 Nov 21
Very helpful and they respond quickly to any questions.
Eva Hammel H.
Eva Hammel H.
16:46 30 Nov 21
Katrina Fearn, Client Service Manager at Surety, is an absolute pleasure to work with!! She is always highly responsive, and has provided me nothing but excellent service since our first interaction. I highly recommend working with her and the Surety team. They will always go above and beyond. Thank you for all that you've done!
Zakieh A.
Zakieh A.
16:38 04 Nov 21
I have been working with Steve Shike and he has been so helpful. I purchased the wrong bond and Steve instantly requested a refund on my behalf and called back with the good news. I appreciate him for helping me figure out my situation in such a timely matter. Thank you Steve for responding to my calls and emails promptly.
Ashley W.
Ashley W.
18:25 10 Aug 21
Gerry J.
Gerry J.
16:30 08 Aug 21
Katrina and Surety Solutions was awesome to work with and made the process seamless. Even after I, PERSONALLY, made a mistake and caused a delay, Katrina was able to spot my mistake and kindly address the error while still delivering my bond as if nothing had happened.I have nothing but good things to say about Surety Solutions.
Xavier A.
Xavier A.
15:40 22 Jul 21
jerry T.
jerry T.
04:44 03 Jul 21
Katrina and Surety Solutions were very helpful and fast. I needed to change the bond I ordered and they handled that within minutes. Their response time to emails and request were great and that is why I will continue to work them both. All I ask for is relatively decent response time when there are issues that need resolved and Katrina far exceeded that and was friendly on top of everything else. Well done.Kris
Kristopher M.
Kristopher M.
14:23 24 Jun 21
Grace answered the phone immediately with a positive attitude and willingness to help. She followed through professionally and promptly through entire process.
Danny S.
Danny S.
14:41 15 Jun 21
Surety Solutions has been the most amazing and easiest company to work with on Bonds in my past 17 years of doing insurance. They are very quick to respond and very personal to work with. Jake Durrant is absolutely the best!
Bonnie A.
Bonnie A.
20:39 20 May 21
Suzie T.
Suzie T.
17:14 07 May 21
Easy experience.
Tonya B.
Tonya B.
01:18 21 Apr 21
I had the pleasure of working with Katrina Fearn to obtain mortgage broker surety bonds and I can say with zero hesitation, that she is wonderful to work with. Extremely responsive, communicative and helpful. Surety Solutions + Katrina = Great Partnership. Thanks!!!
Ryan M.
Ryan M.
20:18 19 Apr 21
Can't say enough good things about Katrina Fearn, she was exceptionally prompt, responsive and a true professional in getting me the bond in a timely manner. Just amazing customer service.
Umesh M.
Umesh M.
23:34 07 Apr 21
I needed a copy of my bond and with people working form home I thought is was going to take a long time. I got an email with the copy of my bond with in minutes. Never seen anything like that. Very Professional and fast response. thank you for good business ethic
Ernesto U.
Ernesto U.
19:08 10 Feb 21
Just obtained Mortgage Broker Surety Bond for two states. not only the price was right but service and professionalism exceeded my expectations. i can't thank Steve enough and wish i knew them sooner.
Ruslan K.
Ruslan K.
22:43 08 Jan 21
I bought a surety bond for my business. The name on the application has my middle name on it and the policy didn't. That would or could have created a problem. I wrote to customer service to complain. Well not complain but ask for it to be changed. Since it was Thanksgiving weekend I wasn't expecting to hear back till this week sometime. Well to my surprise it was "Very" Quickly. JD was very helpful and professional. Fixed it then contacted me with the corrected version. Couldn't be happier. " Good Business is Good Business"
MrDarryk
MrDarryk
05:17 01 Dec 20
JP M.
JP M.
01:46 04 Nov 20
Amazing customer service and friendly and informative reps.
Obsesion H.
Obsesion H.
04:45 26 Oct 20
Surety solutions handled my request for a Guardianship Bond professionally, with great care and provided great value to my family. Of all of the insurance companies I contacted for my need, Surety Solutions was by far the most responsive, courteous and knowledgeable. I very much appreciate their fine service!!
Irena S.
Irena S.
03:00 25 Sep 20
The entire staff from Jake to Katrina were more than professional and bent over backwards to meet mine and The State of California's requirements
Kirk G.
Kirk G.
19:10 23 Jun 20
This process could not have been easier! Mr. Chipman sent me an email link and I just followed the steps. I highly recommend Mr. Beau Chipman to anyone who needs this service.
Sharon H.
Sharon H.
23:29 28 Apr 20
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A Probate Bond is a contract comprised of three parties.

Obligee – The court ordering the bond.

Principal – As the fiduciary, you are named principal on the bond document.

Surety – The company issuing the Probate Bond.

The bond is your guarantee to the court that you’ll handle the estate following the guidelines of the will or court order. If you fail your duties and obligations as the fiduciary, the estate’s heirs and beneficiaries can make a claim against your bond to recoup their losses.

A Probate Bond is not always a requirement. Before purchasing a bond, we recommend verifying if a bond is necessary with your attorney.

How much does the Bond cost?

When calculating the cost of your bond, the surety factors in the risk associated with the policy. The biggest factors are the bond amount, your financial status and your credit. When pulling your credit, we perform a soft-pull. Meaning your credit score isn’t adversely impacted. High-risk applicants generally receive larger quotes.

In lieu of offering 100% collateral to the court, the cost of the bond (known as the premium) is just a small percentage of the full bond amount. Your bond amount is set by the court and is determined by the value of the estate. Applicants with good credit generally pay 1% to 3% of the bond amount.

Please note, our surety partners generally require you retain an attorney throughout the duration of your case.

Have questions about your bond, but not ready to submit an application? Send us your questions to info@suretysolutions.com or call (866) 722-9239 to speak to our Probate Bond specialists.

How to get a Probate Bond with bad credit

You may still be approved for a Probate Bond, even if you don’t have great credit. However, due to the high-risk associated with Probate Bonds, your premium will likely be between 5% and 15% of the bond amount, pending approval from the surety.

Applicants with non-standard credit are more difficult to place with a surety company when issuing a Court Bond. But, our team will work with our surety underwriters to ensure we cover all your available options. Apply for your Probate Bond here!

Probate Bond Types

“Probate Bond” is an umbrella term for many different types of bonds. The type of bond you require depends on your responsibilities set by the court. These responsivities may include caring for a minor(s) or a debilitated individual, appraisal of assets or administering properties and assets.

Regardless of your fiduciary responsibilities, you are always expected to perform your court-ordered duties ethically and faithfully.

Below are the most common types of Probate Bonds.

Administrator Bond [also known as a Personal Representative Bond]

You must abide by the court orders when disbursing or using the estate when the deceased passed intestate.

Conservatorship Bond

A Conservatorship Bond protects the minor or debilitated individual who you’ve been assigned to manage their financials.

Executor Bond

If you’ve been named executor in a will, the Executor Bond ensures you will use and disburse the estate as detailed in the will.

Guardianship Bond

In some states, a Guardianship Bond and Conservatorship Bond are interchangeable. As the guardian, you manage the day-to-day care of the dependent, while the conservator manages the dependent’s finances.

Trustee Bond

A Trustee Bond ensures you will follow the law and provisions of a trust while managing the property and assets once owned by the deceased.

What happens if I get a claim?

A Probate Bond doesn’t provide coverage for you, the fiduciary. Instead, the bond functions as a safeguard for the court and the individuals involved in the court case. If someone involved is a victim of financial loss because of your unlawful or unethical actions, they may file a claim against your bond.

Both you and the surety don’t anticipate a claim being made against your bond. Yet, claims on Probate Bonds do happen. The surety company that issued your bond will conduct a thorough investigation to determine the validity of the claim. They will payout up to the full bond amount to the claimant in the event they find their claim to be valid. You are responsible for making the surety company financially whole again after a payout.

Who pays for the bond? [Is the money refundable?]

Typically, the fiduciary is responsible for paying the bond premium when purchasing a Probate Bond. However, they usually are reimbursed via the payment from the estate’s assets after the court proceedings have finished. If you’re unsure about receiving a reimbursement, please verify with your attorney.

Any premium collected within the first year of the bond is considered fully earned and not refundable by the surety. However, if the court exonerates your case mid-term, you may receive a prorated refund in premium paid for the remaining term length outside of the first year. You must provide exoneration documents to the surety to cancel your Probate Bond.

How long does a Probate Bond last?

The Probate Bond is renewed annually, as long as the probate case is still open. Or, in the case of a conservatorship, the dependent is still a minor or is unable to manage their personal finances. On average, the probate process may take up to 24 months to complete.

Once you receive exoneration documents from the court, you’ll need to submit them to the surety to cancel your bond. Your bond will not be cancelled until the surety receives the exoneration documents, so please submit those documents after receiving them from the court.

Where to get a Probate Bond

If you’ve been tasked with getting a Probate Bond, our team of surety experts are happy to assist you with a custom quote. At Surety Solutions, A Gallagher Company, we work with leading surety companies to ensure we find you the best rate for your bond.

Let our team know if you have any questions by contacting us at info@suretysolutions.com or calling (866) 722-9239. We look forward to assisting your with your Probate Bond needs.

Additional Surety Bond Resources

Learn everything you need to know about Court Bonds in our extensive guide.

A brief overview of 29 of the most popular Court Bonds.

Learn via video with our quick YouTube tutorials.

Looking for another type of bond?

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