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:
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.
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.
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:
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.
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.
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.
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