Popularity of probate bonds is on the rise. This surety bond is a financial guarantee. There are professional surety bond companies for the same. These bonds have a fiduciary who is appointed by the court. This is done so that there is a fair distribution of the assets of the deceased person in accordance with the will or state law. This executor or examiner generally purchases the probate bond.
There are states that have a Uniform Probate code. In such states the fiduciaries have to fit this bond before assets distribution. This process becomes necessary in such cases.
The premium of the probate bond is typically 0.5 percent of the bond amount. But some companies offer better deals if the amount is higher than $250,000. In such cases the cost will be cheaper than 0.5 percent.
The correct process to go about it is to first find out a good probate bond company, like the Ameripro FL probate bond. Make sure that the company is reputable. They will make you fill an application. This application will be sent to an underwriter. There, it’ll be evaluated. A number of documents may be required in the process.
These include any documents from the court which refer to the bond. A written explanation on the reason behind choosing you as a fiduciary is needed too. A proper list of all the heirs must also be attached. A copy of the will must also be included.
After all the process is complete and approved, a hard copy of the approved bond is mailed to either the applicant or his or her attorney. Finally, the bond is filed with the court.
