Illinois Probate Administrator Bond |
AmeriPro Surety Bonds | 844-589-9732
Illinois Probate Administrators
Update: As of June 2019, we no longer require credit inquiries for probate administrator surety bonds for any amount up to $100,000. This means that after completion of an application, and payment of the premium, this the bond is issued to you issued immediately for filing. Probate surety bond applications above $100,000 will undergo standard underwriting along with a credit inquiry; however, you will still qualify for exceptional premium pricing.
The probate process is defined as the “act of proving a will”. In Illinois, regulations governing the administration of the probate process and specifically the surety bond, when required, are found under 755 ILCS 5/Art. XII heading of the Illinois Compiled Statues.
Illinois Probate Administrator Bond: The Purpose of this Surety Bond Requirement
Being the administrator of an estate is a big responsibility.
Along with that responsibility comes direct access and control of property, goods, and money.
The purpose of the probate bond is to protect the estate and any heirs or putative heirs, from any acts of theft, embezzlement, fraud, and willful or negligent mismanagement of funds that a probate administrator can commit by failing to act in an upright fiduciary capacity.
The bond’s sole purpose, therefore, is for the benefit of the estate and not the probate administrator.
The bond’s existence guarantees that heirs who suffer a loss from any harmful mismanagement of an estate can recoup that loss by the surety bond’s existence.
At the same time, the bond is not an insurance policy. In the present instance, this means that any claims paid on a probate surety bond must be fully reimbursed by the bond’s principal (surety lingo for you, as the purchaser of the bond). This is a legal obligation.
The obligee for the Illinois probate administrators bond is the entity or person — perhaps the court or a relative or an heir — who requires that you obtain the bond.
Illinois Probate Administrator Bond: The Amount Required
By legal statute, the Illinois probate administrator bond is in an amount at least 1.5 times the value of the estate.
The amount required of your Illinois probate bond may be more, but it is at least this amount.
Illinois Probate Administrator Bond: What’s Needed to Qualify
The application process for a probate bond is an involved process.
A copy of the court order stating the bond amount required will be needed. Alternatively, a letter from legal counsel on legal letterhead stating the amount of your probate required is also permissible.
As part of the application process, you can expect to be asked to provide information on the following:
- Annual or monthly income and the source or sources of such income;
- Cash on hand, in checking and savings accounts;
- Your net worth (defined as your assets minus your liability);
- Any investments, their type, and their current estimated market value;
- You may be asked about any criminal convictions or if you are currently under criminal indictment;
- You may be asked about whether you have ever filed bankruptcy (a current, active bankruptcy will prohibit you from being bonded);
- You may be asked about ownership of any real property, whether alone or with others;
- You may be asked about any unsatisfied judgments or tax liens.
You will also undergo a standard credit check.
The Premium Required
Once approved for the probate bond, the premium required is in an amount determined by your credit score and the probate bond’s face value.
The premium for the Illinois probate administrator bond is not a onetime payment.
The amount renews each year for as long as there is a surety bond required for the estate.
AmeriPro Surety Bonds is a surety bonds-only agency providing license and permit, contractor, court, and fiduciary bonds throughout Illinois.
Our agency also provides surety bonds nationwide.
We will work with you to get the best pricing for your surety bond and we will be with you each step of the way in the application process.
We are always aware that our clients and potential customers have many good surety choices. And we are honored that you have chosen to work with our agency.
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