California Probate Bond |
AmeriPro Surety Bonds | 844-589-9732
California Probate; Surety Bond and Purpose
Probate is defined as the process by which a will is proven. It is likely that if you are on this page, you may have recently learned that as a condition of being appointed an Representative or Trustee to an estate, a probate surety bond is required.
While the probate process — and the related surety bond— typically refers to the estate of a decedent, in California, the following persons may also require a surety bond:
- Guardians of minors;
- Guardian of someone incapacitated;
- Temporary guardian of minors;
- Veterans Affairs – Court appointed;
- Veterans Affairs – non-court appointed.
All such classes of probate-related surety bonds are offered by our agency.
The surety bond is a financial guarantee for the court and others that you will lawfully perform the fiduciary duties to which you have been appointed; and that, you will act in an impartial, objective manner in the performance of your responsibilities.
Qualifying; the Premium
For any probate surety bond up to and including $250,000, our agency offers this bond to you immediately after the completion of an application, supplying the court documents ordering the surety bond, and payment of the premium.
There is no credit check nor underwriter review for probate surety bonds of any category up to a $250,000 surety requirement. The bond is issued to you immediately after payment of the premium.
Amounts greater than $250,000, however, will include a standard credit review by an underwriter. Good credit will be needed in order to qualify. Depending on just how large the amount of surety bond involved, the process can take a few days, and may include requests for additional documentation. Such additional documentation will typically mean a financial statement from the person purchasing the bond. This is not always the case, however, and matters will be judged individually according to exigent circumstances.
Regardless of the amount required, once the bond has been approved and the premium paid, the bond is issued by our agency to you immediately. A copy of the surety bond can be sent to you by email; however, it is the original surety bond — which you will sign as Principal — that you will want to file with the California probate court.
Premium – Annual Renewal
The premium for a California probate bond is not a onetime payment. The premium renews annually on the anniversary of the probate surety bond’s issuance for as long as the underlying probate matter is active; or until the court formally “exonerates” the surety bond, in which case all obligations will cease.
Purpose of a Probate Bond
The purpose of a probate bond is a financial guarantee which ensures that an administrator, a guardian of minors, or whomever is appointed as an heir to an estate will act objectively, lawfully, and in accordance with the law in the administration of the affairs of an estate. Please see Article 5 of the California Probate Code.
The bond protects any heirs from losses which occur as a result of theft, fraud, embezzlement, or otherwise unlawful management by an estate’s Representative (of whatever category).
Thus, while required of an Administrator, Guardian of a Minor, or some other category as a condition of being appointed over an estate— its benefit is for others; including any heirs, minors, and others.
More About AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bonds-only agency which provides probate surety bonds nationwide. We are also an aggregator of hundreds of other license and permit surety bonds in all 50 states.
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