Probate is sometimes defined as “the process of proving a will”. While typically the probate process involves the affairs of the estate of someone deceased, this is not always the case.
A probate surety bond may also be required of:
In addition to:
Whatever type of probate surety bond you require, our agency offers this bond for your compliance and timely filing with the South Carolina probate court.
According to § 62-3-604 of the South Carolina statutes, if a probate surety bond is required, the amount required is:
For any amount up to $100,000, our agency offers the South Carolina probate bond as an instant issue surety bond. This means that after completion of an application, and payment of the premium, the bond is issued to you immediately.
For amounts up to $100,000, there is no credit check for this surety bond. Included in this are those who act as guardians of minors or someone who is incapacitated.
Amounts greater than $100,000 will involve a credit check inquiry. If the amount of surety bond required is especially large, you may also be asked to provide banking and financial statements as part of the underwriting process.
While pricing will of course vary depending on the amount of surety required, as an example, our agency offers you a $100,000 probate surety bond for a one year premium of $500.
A South Carolina probate bond is issued with a standard term of 1 year from the date of issuance. The bond renews annually for as long as the matter is before a probate court, or for as long as the court requires the surety bond.
Our agency also offers you the option to prepay your surety bond for 2 or 3 years. Doing so offers you a savings over year to year renewal of the bond’s premium; however, whether you prepay the bond or renew it is entirely your decision
Whether you are a guardian of a minor, someone who is incapacitated, or the estate of someone deceased, the purpose of this bond is the same:
It is a financial guarantee which ensures that you will act in a proper fiduciary capacity of the estate over which you have placed as an administrator or guardian.
In the case of and administrator, the bond protects any heirs; and in the case of a guardian, the bond protects the person over whom you are appointed, from any acts of fraud, malfeasance, theft, or misappropriation in the administration of an estate.
Thus, while required of you as a condition of appointment, the bond’s provisions protects others.
In the even that a claim were paid against your surety bond for acting wrongfully, you would be required to indemnify the surety for all costs and fees involved in the settlement of that claim.
AmeriPro Surety Bonds is a surety bonds only agency. We provide license and permit and probate bonds throughout South Carolina.
We also provide surety bonds nationwide.
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