Update July 2019: For any probate, guardian, or administrator surety bond up to and including $100,000, our agency now offers this bond as an instant issue bond. What this means is that after completion of an application and payment of the surety bond premium, the bond is issued to you immediately. There is no credit inquiry or underwriting review. Amounts greater than $100,000 will still have the standard credit inquiry and review by a professional underwriter; however, applicants will still qualify for favorable premium terms.
Probate, in general, involves an act of verifying a will.
When there is no will (i.e. when a person dies intestate) probate also involves determining how the remaining property is to be distributed among heirs.
The overall purpose of the probate process is to eliminate any fraud or dishonesty in the termination of the disposal of any goods.
A probate bond is a type of fiduciary bond required to protect the heirs of an estate.
Though it is a fiduciary bond, the bond is a hybrid of sorts, being also required by the court.
As such, some may view the bond as a type of court bond as well.
Informal probate occurs when there is no real dispute among any surviving heirs as to the distribution of property.
Informal probate is generally the easiest and less-time consuming of the three types of probate since there is no judge involved.
An informal Utah probate proceeding will also in all likelihood negate the need for a Utah probate bond.
In cases where a there is contesting elements of a will, or the parties have some concerns regarding the will’s representative, a Utah court may require a probate bond.
To do so, the following must occur:
* Heirs who have a $5,000 or greater amount may make a written request that the court mandate a probate bond;
* If required, the estate’s representative has 30 days to comply with the command. Failure to do so may cause the representative to be removed as representative for the estate;
* The bond, however, can be rescinded should the heirs later decide that the bond is not needed, or if the representative no longer maintains an interest in the estate.
The amount of the Utah probate bond will be set by the judge in the case.
As a rule, the amount of the Utah probate bond is as follows:
* The estimated value of the estate;
* Any estimated income which the estate is expected to earn within the next year.
The purpose of the Utah probate bond is to ensure that the estate’s representative will act in a true fiduciary capacity and not defraud or steal any portions of the estate from any potential relatives.
Oftentimes when a probate bond is required, the process of determining the bond’s amount will include the having the representative provide an accurate financial statement disclosure.
The cost (or premium) for the Utah probate bond will be determined by:
* The amount of the bond required;
* The applicant’s financial standing, perhaps;
* The applicant’s credit score.
Of note, the probate bond premium renews on an annual basis for as long as the estate is in probate proceedings.
AmeriPro Surety Bonds will work with you to obtain the best pricing for your probate bond.
AmeriPro Surety Bonds understands that you have choices in your selection of a surety bond agency.
We are appreciative that you have chosen our agency.
AmeriPro Surety Bonds will work with you to quickly obtain your probate bond, providing you with the ability to have it filed with the court in a timely manner.