New York Probate Bond | AmeriPro Surety Bonds | 844-589-9732
New York Probate
Probate is defined as the act of “proving a will,” and during the probate process an appointed administrator is sometimes required to obtain a probate bond.
AmeriPro Surety Bonds offers different types of New York state probate bonds, including guardian of minors probate bonds, probate bonds of incompetents, and administrators with will annexed.
This article, however, deals with your — if it can be called that — ‘run of the mill probate bond’ as defined by §1412 of the Surrogate Court Procedure which mandates the conditions under which a probate bond is required.
While probate typically refers to the estate of someone deceased, the bond associated with probate may also refer to the following classifications:
- Guardian of minors;
- Guardian of incompetents or someone who is incapacitated;
- Veterans administrators.
What is written below with respect to premium will apply across the board.
Qualifying and the Premium
Up to and including a $100,000 surety bond require, we provide streamlined processing of your New York probate bond. What this means is that after providing us with the following, we issue the bond to you immediately without the delay of a credit inquiry.
- A copy of the order stating the amount of surety bond required;
- An application, which we can fill with you over the phone;
- Payment of the requisite premium. A $100,000 probate bond will have an annual premium of just $500.
After receipt of these items, your probate bond is issued to you immediately. Upon receipt, you’ll sign your bond as Principal before filing it with the appropriate clerk of the court.
Amounts Greater than $100,000
For a probate bond greater than $100,000, these are the following differences:
- The application will need to be signed by you and “witnessed”;
- There is a review by an underwriter, which involves a credit check inquiry;
- Good credit is required to be approved.
Annual Renewal of Premium
The premium associated with a probate bond of whatever category is not a onetime payment. The premium renews annually on the anniversary of the bond’s issuance for as long as required. Options exist to prepay your bond for up to 3 years, thereby offering you a savings over year to year premium renewals. However, should your probate bond be exonerated (i.e. no longer required) before the end of the bond term, a refund is not offered or prorated.
Purpose Of Your Surety Bond Requirement
The purpose of any probate bond of any category is to serve as a financial guarantee that you will act in a lawful and disinterested manner in the administration of the estate to which you have been appointed. Stated more positively, the bond ensures that you will act to the benefit of the estate or the person to whom you have been appointed as guardian.
About Our Agency
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, court, contractor, and fiduciary bonds — including the probate bond — throughout New York state and nationwide.
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