Update August 2020: Our agency now offers you the Florida representative surety bond, with no credit check, for any amount up to $250,000. After completion of the application and payment of the premium, the personal representative bond is issued to you immediately!
The term probate broadly refers to the act of “proving a will”. The probate bond is a type of fiduciary surety bond required in some instances.
It is likely that if you are reading this page, you have been or will soon be appointed as personal representative for a deceased’s estate, which is currently in probate. As a condition of your appointment, the court has mandated that you obtain a surety bond.
A Florida “personal representative” may be appointed by a court if the deceased has a will or if the deceased dies intestate (without a will).
The mandate for a personal representative to obtain a surety bond is as per §733.403 of Florida’s Statutes.
The purpose of the Florida personal representative bond is a financial guarantee that you, as personal representative, will act only in the interests of the estate over which you have been appointed.
This surety bond protects the estate, and by extension, any heirs of the estate, from acts fraud, theft, mismanagement of funds, criminal acts and omissions, committed by a personal representative in their capacity as personal representatives.
In Florida, even if the estate has only a single beneficiary – the personal representative appointed, for instance --- the bond may still be required to protect any creditors of the estate.
The bond is strictly for the protection of the estate; it is not a type of insurance policy which protects thh purchaser the purchaser of this surety bond (known in surety lingo as “the principal”).
The court over which probate proceedings takes place is the bond’s obligee.
As personal representative of a Florida estate, the amount of surety bond you are required to maintain is determined by the court.
According to state law, the amount of bond you will be required to post will be:
At the court’s discretion, the bond amount may be either lowered or raised depending on extrinsic circumstances.
The application for the Florida personal representative bond can be begun with our agency directly over the phone. It can also be completed by application submitted to us.
You may wish to be prepared to be able all of the following:
In addition to thiese, a credit report will be obtained.
Being able to provide this information or have it ready beforehand can make the difference in how soon you will be able to get qualified for this bond.
Our agency will be there with every step of the way, and we will work for you as best as we can.
The amount of premium you will be required to pay will be determined by your credit score and a small percentage of the bond's amount.
You will want to make the appropriate provisions for the premium, because the premium renews each year for as long as the estate is in probate.
Our agency also offers license and permit, other fiduciary, court, and contractor surety bonds throughout the state. We can also act as agent for surety bonds nationwide.