Connecticut Probate Bond |
AmeriPro Surety Bonds | 844-589-9732
Probate – Connecticut
Probate is the process of verifying a will. While the probate process almost always refers to matters concerning the estate of someone deceased, under the same general umbrella are also the following types of surety bonds:
- Probate bond for guardian of someone incompetent or incapacitated;
- A probate bond for a guardian of minor.
Typically, however, most probate bonds concern:
- Administrators, trustees, or executors of an estate of a decedent.
Before obtaining the probate surety bond from our agency, we’ll ask you to see if the probate court requires a specific surety bond form. We do this to ensure that the bond is accepted by the court and to prevent any potential delays.
For those who, however, provide conservator bonds as a licensed Connecticut professional, we also offer the $50,000 Connecticut professional conservator bond for just $250, annually.
Qualifying — Streamlined for any Amount Up to and Including $100,000 Surety Bond
Up to and including $100,000 probate bond amount, our agency offers you the Connecticut probate bond as an “instant issue” surety bond.
What this means for you is that:
- After providing our agency with a copy of the court order designating the amount of bond required;
- And, completing a surety bond application (much of which we can take over the phone from you),
Our agency will issue this bond for you immediately after payment of the premium. Premiums, regardless of the amount, are reasonably priced for a probate surety bond.
For amounts greater than $100,000 – yes; even if by $1 — in addition to a surety bond application, there is also a credit check inquiry and underwriter review. Depending on the amount required, our agency may ask for supporting documentation (i.e. a financial statement) or other related forms.
Applicants will need to have “good credit” to be able to be qualified through our agency for probate bonds of any category which do require a credit review.
Amount of Surety Required
According to Rule 35.6, of the Connecticut Probate Court rules, under “Amount of probate bond” (pages 59-60 of the link), you are required to secure a Connecticut probate surety bond in an amount equal to that which will be under your control as fiduciary and in an amount that the estate is expected to earn within an accounting period.
For our purposes, you will just receive a court order which our agency will like need to issue a copy of before releasing the surety bond.
Annual Renewal of the Premium; Prepayment Options
The premium amount is not a onetime fee. The surety bond and the premium renew annually from the date on which your probate surety bond was issued.
Our agency also offers you the ability to prepay your premium up to 3 years. Besides lengthening the time between renewals, prepayment offers you a savings over year to year renewal of your surety bond premium
Using a $100,000 administrator/trustee probate surety bond as an example, here are the premium amounts and savings:
- If paid for one year, the premium is $400;
- If prepaid for 2 years, the premium is $720, an $80 savings;
- If prepaid for 3 years, the premium is $1040, a $160 savings.
Other bond amounts will be correspondingly priced for prepayments.
Premiums for guardian surety bonds are higher than those for the estate of a decedent; however, prepayment options are still available.
Purpose of Your Surety Bond Requirement
Whether you are a guardian of an estate or a personal representative, the purpose of the probate surety bond requirement is a financial guarantee for those over whom you are appointed; or, in the case of an estate, any heirs, that you will properly manage the estate.
Furthermore, the bond is a pledge that you will always act in the best interests of the estate, not your own self-interests to the detriment, harm, or loss of the estate.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Connecticut.
Our agency also provides surety bonds nationwide.
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