Need a Probate Bond for an Estate? Contact Us Today
Not sure if you need a probate bond for an estate? At Simon Insurance Agency, we want to help you find what you need and clear up some of the confusion in obtaining a probate bond for an estate.
What are Probate Bonds for Estates?
Probate bonds for estates are a type of surety bond. Surety bonds act as a type of protection, ensuring an individual or agent acts according to a prescribed set of actions. If the bond holder does not act accordingly, the bond provides reparations to the aggrieved parties.
Probate bonds for estates ensure the will is executed properly and that all debts are paid. If the bond holder does not act accordingly, for example they do not distribute the estate properly or pay debts to creditors of the estate, the provider of the probate bond will provide the funds necessary to resolve the estate.
Probate bonds for estates go by many names, such as “administrator bonds (no will exists),” “executor bonds (a will exists),” “fiduciary bonds,” “estate bonds” or “probate bonds,” so it can be a little confusing to know what you’re looking for. Basically, these bonds ensure that administrators and executors of wills are distributing estates properly.
Why Do I Need a Probate Bond for an Estate?
A personal representative (an administrator or an executor) is someone who was either appointed by the deceased the court according to a will, or may have petitioned for the right to distribute the estate, such as in a case where no will exists. Personal representatives are required to obtain a bond in the state of Florida, even if the deceased stated none was necessary in their will, if a probate judge determines it is necessary.
How Much Does a Probate Bond for and Estate Cost?
The total value of the bond is generally the amount of all liquid assets held by the estate, as determined by the probate judge. The premiums paid the personal representative on the probate bond are based on several variables, such as the bonds value and a credit report.
How Do I Get a Probate Bond for an Estate?
We know how difficult it can be to acquire an estate bond during a probate proceeding. At Simon Insurance, we’re equipped to handle your or your client’s needs in a timely and friendly manner. We are licensed to issue probate bonds for estates in any Florida county and are available for consultation at your convenience. Get your quote today by calling us at 561.302.6725!