The probate process and the surety bond associated with it typically refers to the dealing with the estate of a decedent. While this is usually the case, the Iowa probate surety bond may also refer to:
Our agency provides whatever category and whatever amount of probate bond needed to meet the court’s order.
According to 633.170 of Iowa’s state statutes, the court or the clerk will determine the amount of the probate surety bond required. The amount required will be equal to the value of the personal property in the estate plus the estimated gross annual income the estate expects to earn during the administration period.
On our end as an agency, for any amount of an Iowa probate bond up to and including $100,000, our agency issues the bond to you immediately without a credit inquiry.
What this means for you is that for amounts up to $100,000, after completing an application, providing a copy of the court order stating the amount of surety required, and paying the premium, the bond is issued to you immediately.
This is true regardless of the category of probate surety bond you require, as discussed above.
For applicants who require a surety amount greater than $100,000, a credit check inquiry is standard in addition to the application. Depending on just how much surety is required, additional documentation (i.e. a personal financial statement; tax returns) may be asked to assist in the underwriting of your bond.
Applicants for these greater than $100,000 amounts will need good credit to qualify.
663.169 of Iowa’s probate statutes states that the estate over which you have been appointed will pay for your surety bond. On our end, we just take the payment method that you provide to pay the premium.
The premium is the price that you will pay for having the bond issued. Your premium is not a onetime payment. The premium renews annually on the anniversary of which the bond was issued.
Options exist to prepay your Iowa probate bond premium for up to 3 years. For guardian of minor bonds, options may exist to prepay this bond for up to 18 years.
Prepayment offers you several advantages: One, you renew less frequently; the second, is that you have a savings over renewing annually. While these are options available to you, it is not required to prepay your probate surety bond’s premium.
The probate bond is a financial guarantee for the estate and any heirs which assures them that you will act in a proper fiduciary capacity in your administration of an estate. While required of you as a condition of appointment, the bond protects others; it is not, therefore, an “insurance policy” on your behalf.
AmeriPro Surety Bonds is a surety bonds-only agency. In addition to probate surety bonds, we also provide license and permit bonds throughout Iowa.
Our agency also provides surety bonds nationwide.
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