South Dakota Probate Bond
AmeriPro Surety Bonds | 844-589-9732
Probate Surety Bond Required in South Dakota; Some Considerations
Probate refers to the process of determining a will. In South Dakota, when someone dies intestate, that is, the person dies without having a will, a probate surety bond may be required.
Persons who are required to post a bond in such instances are called Personal Representatives. The probate process and the associated surety bond may also be required of:
- Guardians of Minors;
- Guardians of Incapacitated or incompetent persons;
- A probate bond required of those who are appointed as Veterans administrators.
The court will determine the amount of the probate surety bond required. Typically, the amount is at least equal to the value of the estate; and some courts factor will also factor what an estate may be expected to earn in the following year when determining the amount of surety.
Qualifying and the Premium
For any South Dakota probate surety bond, of whatever category (title designation) up to and inclusive of a $100,000 surety bond amount, our agency offers this bond to you immediately, without a credit check inquiry.
Regardless of the amount and size of your bond, we’ll need the following:
- A copy of the Court Order which states the amount of surety bond required;
- A completed application (amounts up to and including $100,000 do not require your signature; amounts larger than $100,000 do require your signature and that of a witness);
- Payment of the Premium
Additionally, amounts over $100,000 will also require a credit check inquiry. Good credit will be required for approval.
Once your bond has been issued, and the premium paid, the original will be sent to you in the mail for signing as Principal.
After receipt of your surety bond, you’ll file it with the respective court.
Annual Renewal of Your Premium; Premium Prepayment Options
The premium associated with your South Dakota probate bond is not a one time payment. It renews on the anniversary of its issuance for as long as required by the court.
Our agency also offers you the ability to prepay your bond up to 3 years, thereby offering you a savings over year to year renewal of your probate bond premium. You should bear in mind, however, that should the probate matter be settled before the end of the bond term, full or prorated refunds are not offered.
As an example, a $100,000 probate bond will have a premium of $500, annually. If prepaid for 2 years, the premium is $900, a $100 savings. And if prepaid for 3 years, the premium will be $1300, a $200 savings.
Purpose of Your Surety Bond Requirement
As a Personal Representative, or any of the other titles referenced above, you are acting in a fiduciary capacity. The probate surety bond is a financial guarantee, for others, that you will assume your role and duties while behaving disinterestedly, impartially, and in accordance with all laws and court requirements, and for and behalf of any heirs of the estate.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide probate surety bonds in all 50 states.
Our agency is also a provider of court injunction bonds, license and permit bonds, and others as required or needed in South Dakota and nationwide.
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