Personal Representative Bond Guide
Some personal representatives of estates are required to get surety bonds to guarantee proper completion of their fiduciary duties. Learn the ins and outs of the estate bonding process in this guide.
Bond Overview
- Purpose: To protect estate beneficiaries from fraudulent activity
- Who Needs It: Personal representatives overseeing a deceased person's estate
- Required Amount: Varies based on the estate value
- Premium Rates: Typically 0.5% of the bond amount for the first $250k of coverage
What Are Personal Representative Bonds?
Personal representative bonds are a type of probate bond which protects estate beneficiaries from fraudulent activity of a personal representative. This bond guarantees a personal representative will complete their fiduciary duties such as the following:
- Paying creditors
- Distributing assets to beneficiaries
- Arranging estate appraisal
- Inventorying and protecting estate assets
- Organizing tax calculations and payments
If a personal representative does not fulfill their duties, the bond will provide financial protection to affected parties.
How Much Are Personal Representative Bonds?
The personal representative bond amount is decided by the court based on estate size and the premium is credit-based.
Probate bond premiums typically cost 0.5% for the first $250,000 of coverage. This means a $150,000 probate court bond could cost just $750. Apply now to receive a personalized quote.
How Do Personal Representative Bonds Work?
By purchasing this bond, you enter a legal contract between three parties:
- Obligee: The entity requiring the bond, typically the probate court
- Principal: You, the personal representative purchasing the bond
- Surety: The entity providing the bond
The purpose of a personal representative bond is to guarantee a principal will complete their fiduciary duties and protect estate beneficiaries from harm if they fail to do so.
How to Get a Personal Representative Bond?
At SuretyBonds.com, we provide the quickest and easiest bonding process. To get a personal representative bond, complete the following steps:
- Apply online at SuretyBonds.com
- Get a free quote within one business day
- Buy online or over phone
- Receive your bond in the mail
- Sign and submit the bond form to your obligee
Please note, we do not offer personal representative probate bonds in Virginia or Idaho. We also offer a separate nominal bond for personal representatives in Maryland.
What Do I Need to Include in My Bond Application?
When applying for your personal representative bond, include the following information:
- Court case number
- Estate name and date of death
- Name and address of obligee
- Fiduciary court date
- Information about any disputes between heirs
How Do I Renew My Personal Representative Bond?
Personal representative bonds expire annually. A SuretyBonds.com representative will contact you during the renewal period to discuss next steps. If you have any questions, refer to our Surety Bond Renewal Guide or call 1 (800) 308-4358 to speak with a team member.
