Probate BondsDiscover information about Probate Bonds here.
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Probate BondWhen a person dies, called the decedent, and leaves behind a will, the will's executor will need to probate the will. Consequently, a probate bond is commonly required for this process.
A probate bond is an insurance policy for associated parties of the decedent should the executor breach a fiduciary duty while administering the decedent's estate during probate.
How does a probate bond work? If an executor breaches a fiduciary duty, affiliated parties of the decedent may seek payment from the bond company to recoup the financial injury caused by the executor's misdeed(s). Thereafter, the bond company is entitled to reimbursement from the executor for up to the amount expended by the bond company. The bond company's liability is generally limited to the amount of the probate bond.
Can the probate bond be changed? Yes the bond can both be increased and decreased during probate. For example, the bond might be increased if the executor uncovers previously undiscovered assets of the decedent. Conversely, the bond might be decreased if the appraised value of the decedent's assets are less than estimated.
Probate BondThe cost of a probate bond is directly proportional to the executor's credit worthiness. The better the credit, the less expensive the bond will be and vice versa. The bond's size generally correlates with the estate's size. For example, the court in its discretion may fix the amount of the bond, but the amount of the bond shall be not more than the sum of: The estimated value of the personal property. The probable annual gross income of the estate. If independent administration is granted as to real property, the estimated value of the decedent’s interest in the real property."Depending upon credit probate bonds range.
We manually calculate the premium. Please submit an application or call us for a quote.
($125 minimum bond fee applies).