Michigan Probate Bond |
AmeriPro Surety Bonds –
Update June 2019: We now offer the Michigan probate bond at a flat fee (depending on the amount) for any probate bond, guardian, or administrator bond, up to $250,000 —these are for Executors, Administrators, or Personal Representatives. This means that there is no credit inquiry or underwriting involved: After completing an application, providing us with a copy of the probate order, and payment of the premium, the probate bond is issued to you immediately. Amounts above $100,000 will still undergo standard underwriting; however, you will still qualify for a fair premium rate.
Probate – Michigan
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.
Michigan Probate Bond: The Amount Required
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.
The Michigan Probate Bond: Its Purpose
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:
- Source or sources of income;
- Total monthly or annual income;
- Your net worth (defined as your assets minus your liabilities);
- Whether you are a litigant in another court proceeding;
- Real property owned;
- Investments — their type, current market value, and which institutions they are held in;
- Whether you have filed for bankruptcy or plan to do so;
- Other questions as may be deemed relevant for the probate surety bond underwriting process.
Annual Renewal of the Michigan Probate Bond
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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