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.
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.
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 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:
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.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor license, and court surety bonds throughout New England.
We also provide surety bonds nationwide.
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