The Oklahoma probate surety bond usually, but not always, involves the estate of a decedent. Included in this category besides
Are those who are required to obtain a surety bond to act as:
The Oklahoma probate surety bond form may vary required from one probate court to another. You may wish to ask the court if they have a specific form that they use and provide that form to us.
For any and all amounts of an Oklahoma probate bond up to and including $100,000, qualification is easy and streamlined.
After presenting us with a copy of the order mandating the probate bond, completing an application --- which we can take from you over the phone --- and making payment of the premium, our agency will issue the probate bond to you immediately.
What this means for you is that for amounts up to and including $100,000, there is neither a credit check nor an underwriter review. The bond is issued immediately upon completion of the application (and payment of the premium).
For amounts greater than $100,000 – yes, even if just by $1 --- there is a credit score inquiry and an underwriter review in addition to the surety bond application. Applicants who qualify will also need to have good credit.
In either case, once the premium payment has been received, a copy of the bond can be issued to you. The original surety bond, which you will need to sign as principal, will be sent by the following business day if not sooner.
The Oklahoma probate bond is issued for a standard one year term, and thereafter the bond is renewed. You will also be presented with the option to prepay your bond for up to 3 years. Besides lengthening the time between surety bond renewals, prepayment allows you a savings over year over year renewal of your bond and its premium.
It is of course the Oklahoma probate court which has determined the amount of surety required. According to Title 58, §58-171, the value of the estate and the value of the annual rents earned by the estate help determine the amount of surety bond.
As an executor or personal representative of an estate, you act in an important fiduciary capacity. The bond is a financial guarantee for the estate and any heirs that you will not abuse your position, nor commit acts of fraud, theft, misrepresentation or malfeasance in the administration of an estate over which you have been appointed.
While the surety is required of you, the protection afforded by the surety bond is for others, including the probate court.
AmeriPro Surety Bonds is a surety bonds only agency which provides probate bonds in all 50 states. Our agency also specialized in providing license and permit bonds.
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