Probate is defined as “the official proving of a will” and the process to “establish the validity of (a will).”
In Arizona, a probate matter may be either formal or informal.
A formal probate matter occurs when the validity of the decedent’s will is contested by at least one party and some form of litigation is required to the determine the correct wishes of the decedent. This takes place in an Arizona Superior Court.
An informal probate occurs when the matter to be probated can be done by a “registrar” of the court. More information about an informal probate can be found here:
Informal probate matters are generally going to be less costly and may resolve more quickly than formal probate matters.
We hasten to add that AmeriPro Surety Bonds does not provide any legal advice at all; we merely state what Arizona textbook law says. Your circumstances may or may not be different or atypical. Please consult with legal counsel or the courts before making any potentially costly mistakes.
An Arizona probate surety bond will generally be required for estates in probate with a net value over $100,000.
Exceptions to the bond requirement, with the approval of an Arizona court, may occur in the following instances:
First, an Arizona probate bond is not an insurance policy for the buyer of the bond (known as the principal).
The bond is purchased to guarantee that once the state has reached the conclusion of the probate process, all monies will be there to be distributed in a manner determined by the court to any surviving heirs.
The bond is designed to protect any heirs of an estate in probate from fraud, criminal acts, or malfeasance by the representative who is required to purchase the bond.
The amount of the probate bond required will be the value of the estate in litigation.
That amount will also include any increase in value of the estate expected within the next year.
A judge has the discretion to decrease the amount of bond required.
Two primary factors will determine the amount of the premium (the amount required to be paid for the probate bond as opposed to the face amount of the bond) required.
These factors are the face amount (dollar value) of the probate bond itself;
The applicant’s (principal’s) credit score.
At AmeriPro Surety Bonds, we understand that if the court requires that you or your client (if you are an attorney) obtain a probate bond, then it’s a matter which takes precedence (presently) over all others for purposes of settling an estate.
We will work with you (or your client) to properly fill out the probate surety bond application and to have the bond issued as quickly as possible.
We understand that there is a filing deadline and therefore extremely urgent.
Our goal is to provide you with the best pricing; and, just as importantly --- if not more so, frankly --- a bond that fulfills the requirements of the court.