Tennessee Probate Bond | AmeriPro Surety Bonds |
Probate Bonds – Tennessee
Update, June 2019: Please note that AmeriPro Surety Bonds now offers the probate surety bond for Tennessee — and all states — up to $100,000 with no credit check, as an instant issue surety bond. This means that after completion of an application, you pay the premium and the bond is issued to you immediately for filing.
Probate is defined simply as the act of proving a will. The probate process and the accompanying surety bond encompass a wide array of cases; one need not be dealing with the estate of a decedent, necessarily, to require a probate bond.
Probate surety bond related matters include:
- Executors or Administrators with will annexed;
- Guardian of Incompetents;
- Guardian of Minors.
Each category of surety bond is offered to you by AmeriPro Surety Bonds.
Tennessee Probate Bond: Amount of Surety Bond Required
For executors or administrators of an estate, the amount of the Tennessee probate bond, when required, is determined by the court (§ 30-1-201).
Typically the Tennessee probate surety bond amount required will be at least equal to the value of the estate; and it is possible that future estimated estate earnings will also be given consideration.
Ultimately, the probate court will require of you a surety bond in an amount they deem appropriate.
The Purpose of a Tennessee Probate Bond
The bond is a financial guarantee that you will act in accordance with all laws and regulations governing the administration of an estate or being a guardian of minor or others.
While the bond is required of you, its protections are for any heirs of the estate, even if you, as an administrator, are also an heir. The probate bond guarantees that at the settlement and final disposition of an estate, all heirs will receive their due inheritance.
Qualifying for a Probate Surety Bond
Although, of course, you don’t have to place the amount of the probate bond as collateral, as part of the application process, you will be asked the following:
- Source(s) of income;
- Net worth (defined as your assets minus your liabilities);
- Whether you have any unsatisfied tax liens or judgments, and whether you are party to any current law suits;
- Whether you are currently in bankruptcy (this will automatically disqualify you from a probate surety bond);
- The current estimated market value of your investments, including the nature and type of investments, and where such investments are held;
- Whether you own real property and the value of the same;
- Banking statements going back between 3-6 months.
Its Premium or The Cost to You
Despite the seemingly arduous process of qualifying for a Tennessee probate bond (fully expect to be asked for “additional information” as part of the underlying process), the price of the bond can be very reasonable.
A probate surety bond may cost less than 1% of the bond’s amount; however, the amount that you will pay will be determined by both your probate application and your credit score.
Annual Renewal of Premium
The premium for the probate bond, unless prepaid, renews annually for as long as the probate matter is being handled by the court.
The court will ultimately decide when and at what point your bond is no longer required.
AmeriPro Surety Bonds provides probate surety bonds in Tennessee and nationwide.
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