Indiana Probate Bond | AmeriPro Surety Bonds
Probate Bonds – Indiana
Probate is commonly defined as “the act of proving a will.” Sometimes a court will require a personal representative to furnish evidence of a surety bond in an amount to be determined by the court.
Our agency helps facilitate your compliance with the court order.
Categories of Probate Surety Bonds
Besides the probate surety bond required of administrators or executors of an estate, AmeriPro Surety Bonds provides the following types of Indiana probate bonds:
- Guardians of minors;
- Guardian of incompetents.
Indiana Probate Bond: Amount Required
AS mentioned previously, the amount of the Indiana probate bond required will be determined by the court overseeing the dissolution and distribution of property and monies of an estate.
Typically, the amount of the probate bond required will be equal to the value of the estate. If the estate is expected to earn money within a given time frame, that too may factor into the amount of surety bond required.
Indiana Probate Bond: Qualifying and the Cost
An applicant for an Indiana probate bond may be requested to provide the following information as part of the underwriting process:
- Financial statements;
- Information regarding source(s) of income;
- Net worth;
- Type of investments held (their nature, the amount, and the location of such investments);
- Real property owned;
- A credit inquiry
- Other information as requested which may be used towards determining pricing
It may surprise you, but a well qualified applicant may pay less than 1% for the issuance of a probate bond; however, amounts may vary according to your personal financial standing and information provided.
The purpose of an Indiana probate bond is a financial guarantee which ensures that you, as administrator, or guardian of an estate will always act in the proper fiduciary capacity.
A probate bond therefore is not an insurance policy; at least not for the purchaser.
Rather, it is a bona fide surety for any heirs that you will act in accordance with your mandate as executor or administrator. The probate bond further guarantees that once the estate is settled, all heirs will receive their due inheritance.
Indiana Code Title 29 Probate § 29-1-7.5-15 offers information about personal representatives and when a bond is required.
A Word About the Premium
The premium, or the cost of issuance of an Indiana probate bond will renew annually and for as long as the case winds its way through probate court.
Options exist to prepay the probate for up to 3 years, thereby offering you a savings over year over year renewal.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, probate, court, and fiduciary surety bonds throughout Indiana and nationwide.
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