Minnesota Personal Representative Bond
AmeriPro Surety Bonds | 844-589-9732
Bond of Personal Representative; Amount and Purpose
As a condition of your Minnesota court-appointment as personal representative, the court may require you to obtain a surety bond in the amount that the court orders.
The surety bond may be required when any creditor to the estate of a decedent has a claim on the estate for $1000 or greater.
The personal representative bond may also be required as a financial guarantee for the benefit of any heirs in an estate which is in probate.
While the Minnesota court will establish the surety bond amount required, that amount is likely to be commensurate with the value of the estate. Future earnings of the estate may also factor into determining the amount of surety you are required to obtain.
Qualifying and the Premium
Our agency offers you the Minnesota personal representative bond in any amount.
Up to a $250,000 surety bond requirement, we also typically provide this surety bond without a credit check.
If your personal representative bond requirement is greater than $250,000, approval is first subject to careful review by a surety bond underwriter. This review includes a credit check. Good credit is required, and you may also be asked to provide supporting information and documentation.
For any personal representative (i.e. also known as an administrator or executor bond) our agency will need the following from you:
- A copy of the Minnesota court order appointing you as personal representative and stating the surety bond amount required of you;
- A completed surety bond application. The application may be sent to you via DocuSign. This allows you to sign, complete, and return the application to our agency electronically;
- Review and approval of your surety bond requirement;
- Upon approval, payment of the first annual premium.
Our agency issues your bond and a Power of Attorney form to you upon payment of the premium. These are then mailed to you. You will sign your bond as Principal, and file it along with the POA to the presiding probate court.
Annual Renewal of the Premium
The premium for your Minnesota personal representative bond renews annually on the anniversary of your bond’s issuance for as long as the court requires surety.
Premiums paid are earned in full, and are nonrefundable both in part and in whole.
AmeriPro Surety Bonds provides surety bonds in all 50 states. Please call our agency today at:
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