Alabama Probate Bond |
AmeriPro Surety Bonds | 844-589-9732
Alabama Probate Title
The probate bond required of those who have responsibilty over an estate includes those who are titled:
- Personal representatives;
- Special administrator;
- And, essentially any wording which means the same as of the above.
Our agency also provides probate bonds for those who are guardians of minors, or for those who are appointed as a guardian of a persons who are incapacitated.
Amount of the Probate Surety Bond and Qualifying
According to Alabama regulations, an Alabama probate bond is an amount which is:
- Equal to the value under the control of the administrator of the estate;
- Plus one year of income the estate is expected to make;
- Minus the value of the securities which have been deposited and require a removal by order of the court.
Essentially, the court will inform you of the amount of surety bond required. Statutorily, the above above formula used to determine the amount of bond required.
For amounts up to and including $100,000, our agency offers you the Alabama probate surety bond immediately upon an application and payment of the premium.
For these amounts, there is neither an underwriter review nor a credit check inquiry in qualifying for the bond. What this means for you is that you are pre-approved; you will just need to pay the premium for at least one year.
For amounts greater than $100,000, qualification for the bond is by completion of an application and an underwriter review. Your credit score and financial standing will play a big part in determining the premium, that is, the price you will pay for the bond’s issuance. All credit inquiries by our agency are “soft inquiries”.
Subject to certain minimum amounts, the estimated premium is typically less than 1% of the amount of surety bond required. With the exception of amounts $100,000 and less, your credit score will play a factor in this.
The Duration of Your Probate Surety Bond
The Alabama probate bond, when issued, is active for one year from the date of issuance. The bond renews annually for as long as the underlying case is active in probate court.
Our agency will also give you the option to prepay you surety bond for several years in advance. If you choose to do so, you will benefit in two ways: One, you will have greater intervals between premium payment renewals. Secondly, you will have a savings over renewing your premium each year.
The Purpose of This Bond
The probate surety bond is a financial guarantee for the probate court and any heirs that an appointed administrator will act in a proper fiduciary capacity over an estate. The bond protects against acts of malfeasance, fraud, and theft committed by an administrator.
As principal for this bond, if a claim were to be paid from the bond, you must indemnify the surety for all losses paid against your claim.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Alabama.
Our agency also provides surety bonds nationwide.
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