Probate is defined as the process by which a will is proven. While the probate surety bond typically refers to the estate of a decedent, this is not always the case.
Besides a Maryland administrator probate bond, probate can be for the following persons and circumstances:
Our agency provides the probate surety bond for Maryland applicants who are require any of these categories of surety bond.
To begin, for guardian of minors, by statute, bonds which exceed $10,000 require both a Maryland probate surety bond and also that you file annual reports with the court.
Also, personal administrators of an estate are also required to furnish evidence of a surety bond.
In general, the amount of the probate bond you require will be determined by the value of the estate and by means of a court order stating the amount required. A judge may require even double the amount of the value of an estate.
Other considerations for the bond amount may include what the estate is projected to earn within the next 12 months; however, that is at the discretion of the court.
The thing to know about the Maryland probate bond is that the premium that you pay for the bond is not a onetime payment.
The premium renews annually for as long as the probate matter is active in the court’s presence.
Options will be available to prepay your bond for several years (for guardian of minors --- up to the time when the minor becomes of age). Prepaying your probate bond surety bond is entirely up to you; however, it offers you a savings over renewing the bond each year.
As an administrator or guardian of a minor or incompetent, your duty involves acting in a fiduciary capacity over the proceeds, property, and equity in an estate.
The probate surety bond is a financial guarantee, therefore, which protects any heirs, minors, or incompetents from acts of negligence or malfeasance on the part of an administrator or guardian.
The bond guarantees that when the final disposition of the estate is determined, all heirs will receive what is rightfully theirs; and the same is likewise true for minors.
While required of you, the purpose of the bond is to protect these others from acts of negligence, malfeasance and misfeasance in the management and overseeing of an estate.
Qualifying for an estate surety bond can either be quick and instantly issued; or, the process can involve an application with request for financial information, a credit check, and other questions to determine your solvency.
The difference between the two is the amount of the bond.
A $100,000 Maryland probate surety bond will cost you just $500 annually, with no credit check.
Amounts above that will involve underwriting for issuance and perhaps more, including a credit inquiry.
AmeriPro Surety Bonds is a surety bonds-only agency which provides court, license and permit, and fiduciary surety bonds throughout Maryland and nationwide.
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