Probate is the act and the process of “proving a will”.
The probate process can be long and seemingly tedious, but the goal is the proper distribution of assets of the deceased according to their final dispositions.
The probate surety bond plays a crucial role in this process and is therefore sometimes required as an essential facet.
An order for you to obtain a probate surety bond will include the amount of the surety bond required as determined by the Michigan probate court.
Typically, the amount is at least equivalent to the value of the estate; and sometimes that amount will include not only the value of the estate, but the earnings or interest which may accrue to the estate within a given time period.
In any case, as part of obtaining your Michigan probate bond, it is essential that a copy of the court order be provided to us. The order will also contain when the bond must be filed with the court.
Whether you are an administrator of an estate, or the guardian, the probate bond is a financial guarantee which ensures your compliance with all Michigan state laws governing the probate process.
The bond furthermore ensures that you will carry out your fiduciary duties only in the best interest of the estate; and that, moreover, once the estate is settled, all heirs will receive their due inheritance.
As such, while the bond is required of you, its protection and its benefit are for any heirs of the estate.
The court wants to ensure while you may be the executor of the estate with jurisdictional control over the estate’s assets, the rights of heirs will not be infringed upon.
It is not entirely out of order to think of the probate bond as an insurance policy which you purchase for others.
The premium that you will pay for this bond will be determined by information provided on an application, the amount of the probate bond required, and your credit score.
Because typically the probate bond may be a large one, the application process is likewise detailed:
You may be asked the following:
Once the bond has been issued, the premium for the bond will renew annually for as long as the bond is in the probate process.
While we cannot, of course, state how long your matter will be held in probate, we consider it a wise rule to prepare to pay the probate premium at least twice.
AmeriPro Surety Bonds is a surety bonds-only agency providing license and permit, contractor, court, fiduciary, and probate surety bonds throughout Michigan.
Our agency also provides surety bonds nationwide.
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