Probate Bonds

Upon receipt of a completed and signed application, a bond can be issued within 1-2 business days pending underwriting approval.

The probate court has many statutes that a fiduciary must comply with. To navigate the court system, complete the steps necessary to settle an estate, and guarantee compliance with any local stipulations, we require an attorney to be involved for our probate bonds.

An administrator is a fiduciary appointed by the state when an individual has died without a will (intestate). An executor is a fiduciary named in a decedent’s will to probate their estate.

Each court will have their own requirements, but we can issue an additional bond to increase your total bond amount or issue a change rider (endorsement) increasing the amount of your original bond. Depending on the size of the bond increase, additional underwriting approval may apply. We will also likely need a copy of the estate’s inventory that is mandating the bond increase and confirmation your attorney is still involved with the case. Please contact our office to confirm the specific information we will need to assist you with increasing your bond.

A fiduciary has many duties to settle a decedent’s estate, including but not limited to: assuming responsibility for the decedent’s property, paying any taxes or debts the decedent owes, collecting payments due to the estate, preserving the estate assets, distributing the estate assets to any heirs, and providing an accounting of all expenses to the court.

If your bond penalty is less than $250,000, please contact us to request cancellation. If your bond penalty is $250,000 or higher, we will need a final accounting for the estate, a discharge notice from the court, and a copy of the verification of closing evidence from the court’s online system. If you have additional questions, please contact us.

Once a probate bond is issued and filed with the court, the premium is fully earned and a refund is not available in the first 1-year term. If your probate bond amount is higher than $50,000, and the estate needs to remain open for more than one year, you will receive a renewal bill for a new term. If the renewal premium is paid and the estate is closed at any time after the first one year term, the premium is pro-rated and a refund may be available to you.

The bond penalty, or value of the bond, is typically mandated by the court and is based on the value of the estate. Local and state statutes may also require a fiduciary to file a bond larger than the value of the estate. As stated above, in Allegheny County, Pennsylvania the bond amount must be for 125% of the value of the estate. Exceptions can be made for real estate or if an ongoing business will be involved. It is best to confirm with the court what bond amount you need to file.

The premium charged for a bond can vary depending on your bond amount and the state in which you are located. The higher the bond amount, the higher the premium. The minimum premium charged for any bond is $100. To give you a better idea, a $100,000 probate bond in Pennsylvania would cost $460, while a $750,000 bond would cost approximately $1,860. To obtain a quote for a bond in your state, please contact our office.