Virginia Probate Bond | AmeriPro Surety Bonds |
Probate Surety – Virginia
Update June 2019: We now offer the Virginia probate bond at a flat fee (depending on the amount) for any probate bond, guardian, or administrator bond, up to $100,000. This means that there is no credit inquiry or underwriting involved: After completing an application, and payment of the premium, the probate bond is issued to you immediately. Amounts above $100,000 will still undergo standard underwriting; however, we will still be able to offer a fair premium.
Probate is the process of proving a will. The probate surety bond offered by AmeriPro Surety Bonds for matters in the Commonwealth of Virginia include:
- An administrator probate surety bond;
- Guardian of incompetents probate bond;
- Guardian of minors probate surety bond.
Presence of the Attorney In Fact
In the Commonwealth, the attorney in fact for a probate surety bond is required to make an appearance at the time a representative is appointed. This is regardless of which type of probate surety bond is required.
Because this is so, we strongly recommend that you discuss with your legal counsel the specific requirements for your county. Accommodations are sometimes made by the Clerk of the court.
Amount of the Virginia Probate Bond
According to the Commonwealth-produced document Probate in Virginia, Administration of Estates, part VIII, the amount of the Virginia probate bond is in an amount which is at least equal to the value of the state in question.
For purposes of securing your Virginia probate surety bond, our agency will require a copy of the court order which states the surety bond amount that you must furnish.
The Premium or Cost of this Surety Bond
Update June 2019: Our agency now offers, up to $100,000 surety, the Virginia probate bond with no credit check, and at a flat price (depending on the amount required). What is written below is still applicable, but now typically refers to surety bonds above $100,000.
The premium or cost of the Virginia probate bond will depend on several factors:
- The type of probate bond that you require. For instance, a guardian of minors may last, depending on the circumstances, until a minor is an adult; theoretically, this could be for a period of up to 18 years. A probate surety bond for the administration of a decedent’s estate, however, will not last that long.
- The amount of the surety bond required. You will pay an amount that is typically a small percentage of the bond required. A factor in determining the amount you will pay is not only your credit score (which is very important in itself), but also your assets, source(s) of income, net worth, legal obligations, investments, etc., and the ability to repay any claims.
As principal of this surety bond, should a claim ever be paid against your bond for failure to act responsibly which is subsequently paid, you are responsible to reimburse the surety for all costs and fees. That amount, however, will not exceed the amount of the bond required.
- Whether you choose to prepay the bond for several years, or pay annually.
Annual Renewal of Premium
Yes; the Virginia probate bond, of whatever type, has an annual renewal of premium for as long as the bond is active. If you elect to prepay the bond, you are offered a savings over a year-to-year surety bond premium renewal.
Purpose of the Probate Surety Bond
The purpose of the Virginia probate bond is a financial guarantee that an administrator, of whatever type of probate bond required, will act in accordance with the best interests of the estate and any heirs or beneficiaries.
This surety bond, as such, while required of you (if required) is for the protection of these others. At no time should you, as principal, consider the probate surety bond as a liability policy on your behalf. It is, rather, solely for the protection of these others.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor, court, and fiduciary surety bonds throughout the Commonwealth.
Our agency also provides surety bonds nationwide.
Please call our agency today at:
Or, you may choose to fill out the form below and a surety bond agent will contact you…