While probate is broadly defined as “the process of proving a will,” the mandate to obtain a surety is not always strictly limited to dealing with the estate of someone deceased.
Besides the probate bond required as a court order for a decedent’s estate (an administrator or trustee):
May all be required to obtain a surety bond.
As an administrator of an estate, or a guardian of a minor or incapacitated person, the requirement to obtain a surety bond will be provided by order of the probate court in a form of a court order.
When you call us, our agency will likely request a copy of the order requiring a surety bond, stating the amount required.
With our agency, there are two levels of qualifications:
For any amount of an administrator, trustee or guardian surety bond, up to and including $100,000, our agency will have the bond issued immediately upon receipt of an application and payment of the premium.
What this means is that our surety agency offers you a Minnesota probate bond with no credit inquiry or standard underwriting for any amount up to $100,000. Obtaining your surety bond will only take a matter of minutes! The pricing for these is very reasonable.
Amounts greater than $100,000 will require:
You will still qualify for excellent pricing levels.
The Minnesota probate bond is issued for a standard term of one year. Thereafter the bond renews. However, as a candidate for this bond you may wish to prepay the premium for 2 or 3 years. In some cases, if applicable, a guardian of minor may be able to prepay up to 18 years.
Prepayment, while entirely your decision, allows you to save over year to year renewal of the surety bond premium.
As it relates to the surety bond, for administrators the surety bond requirement is discussed under Section 524.3-605 of the Minnesota Statutes.
For guardians of minors, the statute dealing with the surety bond requirement is Section 525.5-107.
In either cases, since you are acting in a fiduciary capacity over an estate, the bond protects heirs or the minors from any act of malfeasance, theft, or other unlawful activity in the administration of the estate up to the amount required.
Thus, while required of you as an administrator or guardian, the surety bond is solely for the benefit of these others.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Minnesota.
Our agency also provides surety bonds nationwide.
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