South Dakota Personal Representative Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond; Amount and Purpose
According to South Dakota’s State Bar association, when someone dies without a will (intestate), the court will appoint a “personal representative” to administer the settlement of that estate.
South Dakota statutes indicate that a personal representative is required to provide a surety bond that is equal to the value of the personal estate (of the decedent) and the anticipated earnings the estate is projected to make within 1 year.
The surety bond serves as a financial guarantee for any heirs and/or creditors of the estate, that you as personal representative will act in a lawful capacity in the performance of your fiduciary duties.
For purposes of securing your South Dakota surety bond, “personal representative” may be used interchangeably with “executor” or “administrator” of an estate.
Qualifying and the Premium
The South Dakota personal representative bond is offered to you up to a $250,000 surety requirement, typically without a credit check inquiry.
If you require an amount greater than $250,000, approval is subject to an underwriter review of your application; presence of legal counsel; and good credit. Additionally, you may also be asked to provide supporting documentation and information as a condition of your approval.
For any personal representative bond in South Dakota, our agency will need the following from you:
- A copy of the South Dakota court order appointing you personal representative, executor, or administrator, and which states the surety bond amount required of you;
- A completed application. The application is usually sent to you via Docusign;
- Review of your application by a surety bond underwriter, according, in part, to the dollar threshold required;
- Upon approval of your application, payment of the first annual premium.
Issuing Your Personal Representative Bond
After payment of the first annual premium, your personal representative bond is issued immediately. Included with your surety bond will be a Power of Attorney form. These documents are then mailed to you.
Upon receipt, it will be your responsibility to sign your surety bond as Principal, and file it with the POA to the presiding South Dakota court.
Annual Renewal of the Premium
The premium associated with your South Dakota personal representative bond renews annually on the anniversary of your bond’s issuance.
The premium will renew annually for as long as the court requires surety.
Premiums paid are earned in full; no full or partial refunds are offered.
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