Michigan Personal Representative Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond; Amount and Purpose
The term personal representative refers to your court-appointment as an administrator of a decedent’s estate in probate. Related and interchangeable terms include administrator, executor/executrix, and administratrix.
As a condition of your appointment as a Michigan personal representative, according to Section 700.3606 of the state’s legislation, as amended, you are required to give bond in an amount that the presiding probate court orders.
As stated within the statute, your surety bond is a financial guarantee which ensures that you’ll discharge your fiduciary responsibilities according to state law.
Qualifying and the Premium
Our agency offers you the Michigan personal representative bond up to a $250,000 surety bond requirement, typically without a prior credit check inquiry.
If you require a personal representative bond greater than $250,000, approval is after a formal review of your surety bond application by our underwriters. Good credit is also required. Additionally, you may also be asked to provide requested supporting documentation or information.
But, for a personal representative bond in any amount, our agency will need the following from you:
- First, a copy of the Michigan court order appointing you as personal representative/administrator/executor and which states the surety bond amount required of you;
- A completed surety bond application. The application can be sent to you via DocuSign. This allows you to complete, sign, and return your surety bond electronically;
- Upon approval of your surety bond, payment of the first annual premium.
Our agency issues your bond to you along with a Power of Attorney form. These will be sent to you. You will sign your bond as Principal, and then you’ll file it along with the POA to the presiding Michigan court.
Annual Renewal of Your Premium
The premium for your Michigan personal representative bond renews annually on the anniversary of your bond’s issuance.
Premiums paid are fully earned and are nonrefundable both in whole or in part.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, probate, and other surety bonds in Michigan and all 50 states.
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