South Carolina Personal Representative Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond; Purpose and Amount
In South Carolina, as a condition of your court-appointment as personal representative, the presiding probate court may require you to give surety bond.
According to South Carolina statutes, any person or creditor who has a claim of $1,000 or greater in the estate of a decedent, may require a personal representative to obtain bonding.
The surety bond serves as a financial guarantee of your compliance with all South Carolina laws governing the administration of an estate in probate. And, the surety bond protects the interests of heirs and creditors.
The amount of the surety bond will be determined by the presiding court. This figure is likely to be in an amount equal, at least, to the estimated value of the estate over which you will have control.
For purposes of securing your bond, the terms South Carolina administrator/executor may be used interchangeably with “personal representative”.
Qualifying and the Premium
We offer the South Carolina personal representative bond in just about any amount required (minimums apply). Up to a $250,000 amount, we also do so, typically without a credit check inquiry.
If you require a surety bond greater than $250,000, approval is subject to review of your application by a surety bond underwriter. This review will include a credit check inquiry. Good credit will be required for these higher amounts. You may also be expected to have retained an attorney for the probate proceeding.
For any South Carolina personal representative bond, our agency will need the following from you:
- A copy of the South Carolina court order appointing you personal representative/administrator/executor of an estate and which states the surety bond amount required of you;
- A completed surety bond application. We’ll usually, but not necessarily always, provide the application to you via Docusign. This will allow you to complete, sign, and return your probate bond application to our surety electronically;
- Upon review and approval of your application, payment of the first annual premium.
Issuing Your Bond
Two items are issued to you upon payment of the first annual premium. The first is your surety bond; the second is your Power of Attorney.
These are mailed to you for signing and filing by you. These documents will then be filed with the South Carolina court either by your or legal counsel that you’ve retained.
Annual Renewal of the Premium
Premiums paid for your personal representative bond are nonrefundable. Such premiums also renew 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 not refundable either in whole or in part.
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