Probate is the process of determining or proving a will. While usually associated with the estate of someone deceased, this is not always nor necessarily the case.
The probate process --- and the related surety bond required --- can refer to persons who assume any of the following duties:
What is written here describes the process of obtaining the probate surety bond you need, in general, across all categories.
Up to and including a $100,000 surety bond amount, our agency provides you with the Arkansas probate bond upon the following:
There is no credit check involved. What this means for you is that after providing the above requested items, you are automatically approved.
Amounts greater than $100,000 surety bond requirement will have a credit check as part of the underwriting process to determine if you’ll be approved for the bond.
In either cases, once the bond is approved and the premium is paid, our agency will issue the bond to you immediately. The original surety bond, which you’ll need to sign as Principal, and which will have our signature as Surety, will be sent to you by the following business day.
Arkansas statutes may allow you to be reimbursed by the estate for the cost of your surety bond.
With respect to guardians of an estate, the amount of bond will be in an amount at least equal to the value of the estate. This is according to Arkansas Code 28-66-109. The premium amount for an Arkansas probate bond, regardless of the category required, is not a onetime payment. The premium renews each year for as long as the court requires the bond.
At your choosing, options exist to prepay your probate surety bond for up to 3 years, thereby lengthening the time between premium renewals, while offering you a savings at the same time.
Since the premium amount is indeterminate by our agency until you’re told the bond amount required, when we speak with you, we’ll provide you with a breakdown of amounts.
Whether you are a Personal Representative, guardian, conservator, or any other category of an administrator of an estate, the purpose of this bond is a financial guarantee which ensures that you will act in a disinterested manner in overseeing the estate.
The bond is not an insurance policy; it is more akin to a line of credit which protects against harmful acts committed by a bonded person against an estate.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Arkansas. Our agency also provides surety bonds nationwide.
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