Probate is largely concerned with the acts involved in the proving of a will. In Mississippi, Title 91, paragraph §91-7-41 of the state’s legislative Code, the state requires a probate surety bond amount that is “...[at least] equal to the full value of the estate.”
As is the case elsewhere, a probate surety bond may be required of the following persons or categories:
The last two categories, while not strictly probate, as they concern the management of the property and assets of living persons, still fall within the real of probate as it relates to obtaining the surety bond.
Therefore, what is written here applies to all categories as concerns premium amounts.
With respect to Mississippi guardian of minors, Title 93, paragraph §93-13-17 states that the bond amount is to be determined by the court: “….in such penalty...as the court may require...”
Up to and including a $100,000 Mississippi probate bond premium amount, our agency offers this bond to you without a credit check and for a flat premium (depending on the amount required). This is across all categories as referenced above.
What this means for you is that after completing an application; providing our agency a copy of the court order mandating the surety bond amount; and paying the premium, your probate surety bond is issued to you immediately.
For amounts up to $100,000 the process is streamlined, and saves you considerable time since your personal credit is not a factor.
Amounts greater than $100,000 – yes, even if by $1 --- will have a credit inquiry review as part of the underwriting process. An applicant will be required to have good credit in order to qualify.
In those cases in which the bond is particularly large, other documents (i.e. financial statements) may be required as part of the underwriting process.
In issuing a Mississippi probate bond, the premium paid is not a onetime fee. Rather, the premium renews annually on the anniversary of the bond’s issue for as long as the court requires the bond.
In this regard, our agency also offers you the option to prepay your premium for up to 3 years, thereby offering you a savings vis-a-vis payment of annual premiums.
The amount of the savings will depend, of course, on the amount of the bond. And should you choose this option and the court exonerates your bond before the end of the term, a prorated refund will not be offered.
As an administrator or guardian of an estate, you are being entrusted to act in a fiduciary capacity. The surety bond requirement is a financial guarantee – in the case of a bond for a personal administrator or trustee – -any heirs; and for guardians of minors/incompetents – beneficiaries --- that you will conduct your duties in a disinterested, objective manner.
The bond protects these persons – heirs and beneficiaries from acts of fraud, embezzlement, and other unlawful activity committed by a bonded individual.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide probate surety bonds, guardian surety bonds throughout Mississippi and nationwide.
Our company is also a leader in providing license and permit bonds.
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