Maine Probate Bond
AmeriPro Surety Bonds | 844-589-9732
Maine — The way life should be…
Probate is defined as “the process of proving a will.” In Maine, Title 18-C deals of the state’s legislation deals with probate matters. While probate will almost always refer to the estate of someone deceased, for qualification purposes of a surety bond the following are also included:
- An administrator or trustee who is require to obtain a Maine Veterans Administration surety bond, both court appointed and non-court appointed;
- An appointed guardian of a minor;
- An appointed guardian of someone incapacitated or incompetent;
In addition to the:
- Administrator or executor of an estate for someone deceased;
- Administrators with will annexed;
- A Personal Representative of an estate.
Qualifying and the Premium
Up to and inclusive of a $100,000 surety bond amount, our agency offers you the Maine probate bond as an “instant issue” surety bond. What this means for you is that there is no credit check; rather, the bond is issued to you with a premium solely based on the amount required.
What we will need, however, are the following:
- A copy of the court order stating the amount of surety required;
- A completion of an application. The application can be taken verbally, and the court order will also have information needed to be included on your surety bond;
- Payment of the premium.
Amounts greater than $100,000
For a probate of any type (i.e. the categories listed above) greater than $100,000, an application must both be completed, signed and witnessed.
Additionally, probate surety bonds greater than $100,000 will require a credit inquiry and a careful review by our underwriter. Applicants will need good credit in order to be approved by our agency.
In both cases, once your probate surety bond is approved and the premium is paid, our agency issues the bond, along with a Power of Attorney (POA) form to you.
Annual Renewal of Your Premium
The premium associated with a Maine probate bond is not a onetime payment. The premium renews annually on the anniversary of your bond’s issuance for as long as the court requires bond.
Options exist to prepay your bond up to 3 years which will save you money over renewing annually. You should note, however, that should your case be resolved and bond no longer required before the renewal date, premium refunds are neither offered nor prorated.
Purpose Of Your Surety Bond Requirement
According to Title 18-C §3-604 Probate Code when a probate bond is required (for the estate of a decedent), the amount of surety required is the estimated value of the estate and what the estate can expect to earn during the next calendar year.
As a trustee, administrator, or guardian, the purpose of this bond is a financial guarantee which ensures that you will act in a lawful, disinterested, and objective capacity in the course of your fiduciary duties.
The bond protects others — heirs, the person for whom you are appointed guardian, etc., from the effects of harmful administration of an estate.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide probate surety bonds in all 50 states. We also provide license and permit bonds nationwide.
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