Massachusetts Probate Bond | AmeriPro Surety Bonds |
Probate – Massachusetts
UPDATE – JUNE 2019: For amounts up to $100,000, AmeriPro Surety Bonds now offers the probate bond for a flat price (depending on that amount), and with no credit score inquiry. For those who require a probate bond $100,000 and under, this makes the process that much easier!
Massachusetts estates which are in probate may be required to file a probate surety bond. Section 3-603 of the General laws of the state gives the conditions under which a surety bond may not be required; otherwise the requirement to obtain surety is in focus.
Fortunately, determining whether or not you (or your client) requires a surety bond should be easy enough. The requirement is typically given by means of a court order.
Massachusetts Probate Bond: Its Purpose
As an administrator of an estate, the requirement to obtain a Massachusetts probate bond is to serve as a financial guarantee that you will perform your duties objectively, fairly, and with the interests of the estate and any heirs in mind.
The surety bond exists to protect against wrongful acts — theft, embezzlement, misappropriation of funds, involved in an estate’s administration.
The Amount of Massachusetts Probate Surety Bond Required
While the amount of the Massachusetts probate bond you are required to purchase will be decided by the probate court, that amount will likely be in a value that is at least equivalent to the current value of the estate.
Other considerations for determining the amount of surety required may include what the estate may earn within the next year; however, again, that amount will ultimately be determined by the presiding judge.
Qualifying for a Massachusetts Probate Bond
Qualifying for a probate surety bond is done by means of a surety bond application and a credit check.
As part of the qualifying process, you may expect to provide information regarding the following:
- Your net worth;
- Your source(s) of income;
- Whether you have any satisfied judgments, tax liens, or are currently party to any lawsuit proceeding;
- Whether you are currently a party to any bankruptcy proceeding;
- Investments owned by you or co-jointly with others. You may be asked to provide the type of investments, their current market value, and where such investments are held;
- You may be asked to supply banking statements dating back 3-6 months;
- You may be asked about real property owned
- Other questions as deemed necessary to provide your probate surety bond.
The Cost and Renewal of Probate Bond Premium
The price of the Massachusetts probate bond will depend on your credit and range between 1-2%, generally, of the bond’s amount.
Applicants for the Massachusetts probate bond should take note that the premium for the bond is not a onetime payment. The bond premium renews annually for as long as the underlying case is active.
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