Maryland Nominal Bond of Personal Representative
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How much does a nominal bond of personal representative cost in Maryland?
A nominal bond of personal representative costs as little as $100 in Maryland, however, the exact cost of the bond is largely dependent on the applicant’s credit and the amount of the bond required by the court. Although the amount of the bond varies, Maryland requires it to be large enough to cover the cash value of the deceased party’s estate.
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form.
What is a nominal bond of personal representative?
A nominal bond of personal representative, also known as a bond of personal representative, is a type of protection to ensure the person fulfilling the job of a personal representative of an estate will do so lawfully and rightfully. The bond needs to be posted for financial insurance before the commencement of any personal representative duties. The bond helps guarantee all estate taxes will be paid accordingly once the representative takes over the deceased party’s affairs.
What is a personal representative?
Maryland Law defines a personal representative as being “… under general duty to settle and distribute the estate of the decedent in accordance with the terms of the will and the estates of decedents law as expeditiously and with little sacrifice of value as is reasonable under the circumstances.” The personal representative is not entitled to receiving all of the decedent’s assets, rather to manage those assets on behalf of the beneficiaries or the heirs to the estate. They will evaluate and appraise/get appraised all financial assets, ensure income, and estate taxes are properly paid, etc. They also typically oversee any funeral planning.
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!
Terms of a bond of personal representative in Maryland
When establishing the value of an estate, only the assets held in the name of the decedent 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 in effect for as long as the court requires and cannot be canceled until it is released in writing by the court.
Certain individuals are prohibited from serving as a personal representative. This list of those who are prohibited include minors, those deemed mentally incompetent, individuals convicted of a serious legal offense, and non-citizens of the United States, unless the person is a permanent resident in the country and is the spouse, ancestor, descendent, or sibling of the deceased.
How to become a personal representative in Maryland
A personal representative is most commonly appointed in the decedent’s will. However, courts can also appoint a personal representative if there is no will or the original appointed representative dies or refuses the obligations. Upon appointment, a personal representative shall file a statement of acceptance of the duties and obtain the required surety bond.
The personal 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
- Income
- Disbursements
- 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
- Payable on death (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
Each estate will also come with a required filing fee. Review the different tiers of fees in the Instructional Guide.
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