How much does a nominal bond of personal representative cost in Maryland?
The required amount of Maryland nominal bonds of personal representative varies, but must be large enough to cover the cash value of the deceased party’s estate. SuretyBonds.com can issue these bonds for as little as $100. However, the exact price you’ll pay for your bond is calculated at the rate of $5 per $1,000 of the required bond amount.
|Bond Type||Bond Amount||Cost*|
|Varies Nominal Bond of Personal Representative||Varies||$5 per $1,000 of required amount||Apply Now|
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form.
Why do I need this bond?
Personal representatives of estates in Maryland are required by the Register of Wills to post a surety bond for financial insurance before the commencement of their duties. The bond guarantees that all estate taxes will be paid accordingly once the representative takes over the deceased party’s affairs.
Nominal bonds of personal representatives can be confusing, but our experts are here to answer any questions you might have. Submit a bond request form to connect with a surety representative and get your quote!
What’s the fine print?
When establishing the value of an estate, only the assets held in the name of the descendant alone and/or an interest held as tenants in common are considered. The value is determined by the fair market value of property less the debts of record secured by the property as of the date of death.
This bond remains continuous until canceled. The surety must give the state written notice of cancellation at least 30 days in advance.
Certain individuals are prohibited from serving as a personal representative. This list includes, but is not limited to, the following:
- those under the age of 18
- those deemed legally mentally incompetent
- those convicted of a serious legal offense
- non-citizens of the United States unless the person is on permanent residency in the country and is one of the following:
- the spouse of the deceased
- an ancestor of the deceased
- a descendant of the deceased
- a sibling of the deceased
How to become a personal representative in Maryland
The personal representative shall be appointed by the estate’s heir. Upon appointment, the representative should file a report with the department containing the following:
- the immediate balance of the estate
- miscellaneous principal receipts
- change in assets from date of death
- distribution and taxes
- balance retained afterward
Within three months of the appointment of a personal representative, said representative must file an information report with the department. This report must contain information about the the following:
- jointly held assets
- transfers of any assets within the two years prior to death
- any interest in which the deceased retained dominion while alive
- P.O.D. accounts
- any interest in an annuity or other public or private employee pension or benefit plan
- any interest in real or personal property for life or a term of years
- any other interest in property, in trust or otherwise
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