Washington State Probate Bond |
AmeriPro Surety Bonds | 844-589-9732
Probate is the process of “proving of a will”, and depending on the amount of money, property, and other goods involved, the probate process can take anywhere from several months to several years.
Probate also occurs when someone dies intestate, that is, without leaving a will.
Probate will also occur when the validity or portions of a will are contested.
There are, in fact, numerous conditions which can lead to probate, and when families and money are involved, the process can become emotional, time-consuming, and, depending on the amount of money involved, expensive.
Washington Probate Bond
During the probate process, a legal representative may be required to obtain a probate bond.
The bond amount required will usually depend on the value of the estate in question.
The duration of the bond will last, normally, until the probate process is complete; that is, when the final settlement of the estate takes place.
Washington Probate Bond: What it is
A Washington probate bond is a fiduciary surety bond.
The bond is a legal guarantee that the representative (or the trustee of an estate) will not misuse the funds, properties, or goods entrusted to their care.
The guarantee is furthermore a legal pledge that all parties will in fact get any properties or monies owed to them once the estate has settled.
Who May Require a Washington Probate Bond
Frequently it is the probate courts which require a Washington probate bond, but a concerned family member or heir may request from the court that the trustee or legal representative obtain a probate bond.
As stated above, their concern is to ensure that once the estate is settled, there are enough funds to properly distribute to all heirs.
Legal and technical information about Washington probate can be found here:
3 Sides to a Washington Probate Bond
Surety bonds will always have three parties (or sides), and an illustration with a probate bond might help to make probate surety bonds more intelligible.
The principal for a Washington probate bond is the person or persons who is or are required to purchase the surety bond which serves as a financial guarantee that the principal will not misuse the funds or other goods entrusted to their care.
The principal is not purchasing an insurance policy, because the surety bond does not protect the principal at all.
The principal is purchasing a surety which protects others, likely the heirs or other heirs of an estate.
This brings us to our second point.
The obligee is either the court, the family members or the heirs, who are requiring the principal to purchase the surety bond.
The obligee requires a legally binding financial guarantee from the principal.
To comply with the requirements of an obligee the principal purchases a Washington probate surety bond in an amount predetermined by the court.
The surety bond is the financial guarantee that the funds will be there to cover the estate should they be squandered.
Unlike an insurance policy, however, should any claims ever be paid on a probate surety bond, it is the legal responsibility of the principal to fully reimburse the surety for all fees and costs involved.
AmeriPro Surety Bonds is your agent, advocate, and representative with the surety company.
Cost of a Washington Probate Bond
The cost of the Washington probate bond will be a small percentage of the value of the estate.
The final premium, which renews annually for as long as the probate process continues, will be determined by:
- The amount of the probate bond required;
- The applicant’s credit score and financial resources.
Regardless of a credit situation, AmeriPro Surety Bonds will work with you to have the Washington probate issued quickly.
AmeriPro Surety Bonds
Our focus is surety bonds-only. To that end, AmeriPro Surety Bonds provides surety bonds nationwide.
Call us today to get obtain your required Washington probate bond: