Illinois Probate Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond; Purpose
Probate is the legal process of “proving” a will. Probate may also be required when a decedent is intestate, that is, dies without a will, to determine the disposition of an estate.
When a surety bond is required, it is mandated by order of the presiding probate court.
The purpose of a probate surety bond is spelled out in Illinois Code Title 29, Article 1, Chapter 11, which is, specifically, to protect the interests of creditors, heirs, and others.
A probate surety bond may be required of persons who are title as follows:
- Personal Representative;
- Administrator of an estate;
- Guardian (in this case, the surety bond is required on behalf of someone who is either a minor or is unable to manage their own affairs for whatever reason).
Qualifying and the Premium
Our agency offers you the Illinois probate bond in the amount that the court requires of you (or, for legal counsel, your client).
For applicants who require a surety bond up to and inclusive of a $250,000 surety bond requirement, we do so without a credit check.
Applicants who require a greater surety bond amount must complete a surety bond application, and have it reviewed. The review procedure includes a credit check inquiry. To be approved for an amount greater than $250,000 by our agency, good credit is required.
Regardless of the amount of your probate surety bond, we’ll need the following:
- A copy of the court order or a copy of the minutes, which states that a surety bond is required;
- An application is required of those who undergo a credit score; applicants who don’t require a credit score check will not typically have to provide a signed application;
- Payment of at least the first annual premium.
Once your Illinois probate surety bond is approved and the premium paid, our agency issues your bond and a Power of Attorney form to you.
We will sign your bond as Surety; but since, the bond is yours (or your client’s), they will need to sign it as Principal. On your end, you will file the completed surety bond and POA form with the presiding court.
Annual Renewal of an Illinois Probate Bond Premium
The premium for your Illinois personal representative bond (or whatever title used) renews annually on the anniversary of its issuance for as long as the court requires surety.
Once paid, premiums are earned in full.
Options also exist to prepay your premium for several years, which offers you a savings over annual renewals.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, Court, probate, and other surety bonds in Illinois and all 50 states.
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