Update September 2020: AmeriPro Surety Bonds now offers the Pennsylvania probate bond with no credit check, and a flat fee (depending on the bond's amount), up to $250,000.
Probate has been defined as the act of proving a will.
The probate bond required of you is a type of fiduciary surety bond.
Commonwealth statutes relating to the requirement and issuance of the Pennsylvania probate bond are found under Title 20, Decedents, Estates, and Fiduciaries.
If the court, will, or a family require you to obtain a probate bond, it is a big responsibility.
You are likely the trustee for an estate.
The bond, therefore, is for the protection of the estate and heirs; it is not for your protection, although you may also be an heir to an estate.
Specifically, the Pennsylvania probate bond is a guarantee that you will properly act, manage, and administer an estate which is in your care throughout probate proceedings.
More specifically, the bond protects heirs of an estate from acts of fraud, theft, willful misconduct, embezzlement of funds, which could conceivably be committed by a trustee in the administration of an estate.
The bond’s existence guarantees that should funds or property be mismanaged, heirs can be be financially compensated for the loss.
The amount of the Pennsylvania probate bond you are required to file will be determined by the court, usually in the form of a court order (you may have already been provided with a court order).
As a general rule, the amount of surety bond required will be at least equal to the value of the estate.
It is also possible that the court may take into consideration anticipated estate earnings in determining the bond amount required.
In any case, it will be helpful to submit to AmeriPro Surety Bonds a copy of the court order provided to you.
You may also submit a letter on the letterhead of legal counsel which states the amount of surety bond required.
Beyond your basic run-of-the-mill application, as an applicant for the PA probate bond, you will be requested to provide additional information, particularly as it relates to your financial standing.
A credit check is also standard fare.
You can be expect to be requested to provide information regarding the following:
The premium, which is the cost for the probate bond’s issuance, will be determined by the amount required, and information obtained from a credit report.
We emphasize that the premium is not a onetime payment. For as long as the estate is active and the bond is required, that premium amount will renew annually.
AmeriPro Surety Bonds is a surety bonds-only agency providing surety bonds throughout the Commonwealth of Pennsylvania.
We are committed to making obtaining your probate bond as easy and as pleasant as possible
We are also perfectly aware that you may not have ever heard or known of the existence of a probate bond.
Our agency thanks you for your consideration and we are honored to work with you.
Please call our agency today: