Maryland Personal Representative Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond; Threshold Amount and Purpose
As a Maryland personal representative, you are a court-appointee who has the fiduciary responsibility of overseeing the affairs of an estate which is in probate.
According to current Maryland probate statutes, unless otherwise excepted, a surety bond is required of the personal representative when the value of the estate is $10,000 or greater.
The surety bond serves as a financial guarantee of your compliance with all Maryland state laws concerning managing the affairs of a decedent, as also any lawful directives from the presiding probate court. The surety bond protects the court, and any estate creditors or heirs.
Qualifying and the Premium
Our agency offers you the Maryland personal representative bond in any amount.
Up to and inclusive of a $250,000 surety bond requirement, we also do so without a credit check.
If, however, you are required to obtain a personal representative surety bond amount greater than $250,000, approval is subject to review of your application by a surety bond underwriter. This review will include a credit inquiry. Good credit will be required for approval.
No matter the amount of your personal representative surety bond, our agency will need all of the following from you:
- A copy of the Maryland court order appointing your personal representative/administrator/executor and stating the amount of surety bond required of you;
- A completed surety bond application. The application can be sent to you via DocuSign. This will allow you to complete, sign, and return the application to our agency electronically;
- Review of your application upon receipt;
- Upon approval, payment of the first annual premium.
Our agency issues your Maryland personal representative bond along with a Power of Attorney form immediately upon receipt of the premium payment.
Both of these forms will be mailed to you. Upon receipt, you’ll sign your surety bond as Principal, and then file it along with the Power of Attorney form to the presiding Maryland probate court.
Annual Renewal of the Premium
The premium associated with your Maryland personal representative bond renews annually on the anniversary of your bond’s issuance for as long as the presiding probate court requires surety.
To be clear, premiums paid are earned in full and are nonrefundable either in part or entirely.
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