Administrator & Probate Surety Bonds
Administrator & Probate Surety Bonds
An administrator or executor bond — commonly called a probate bond — is a court-mandated surety bond required of the person appointed to manage the estate of someone who has died. It guarantees that the estate's debts are paid and its remaining assets are distributed to the rightful heirs, honestly and according to law. The same protection applies to related fiduciary bonds for guardians, conservators, and trustees. In every case the court sets the required bond amount based on the size of the estate, the premium is a small percentage of that amount, and it is paid from estate funds — premiums start at $100 and are generally paid each year until the estate is settled.
Because probate can be complex, the surety usually recommends working with an attorney — though BondAbility has markets that will consider bonds for qualified applicants without one. Choose your state below to see that state's requirements, court-ordered pricing, and a directory of local probate courts.
How a Probate Bond Fits Into Estate Administration
A probate bond is one step in a larger court process. Knowing where it fits helps you avoid the most common mistake — buying a bond before the court has set the amount.
Types of Probate & Fiduciary Bonds
Courts use different names for the bond depending on how the fiduciary was appointed and what they are managing — but the protection works the same way. Executors and administrators are together known as the estate's personal representative.
Executor Bond
Required when the deceased left a will naming an executor, unless the will waives the bond. The surety may review the will to understand the estate's complexity.
Administrator Bond
Required when there is no will (intestate), or the named executor cannot serve, and the court appoints an administrator. This is the most common probate bond.
Trustee Bond
Required when a will or trust names a trustee and the court requires security before the trustee manages trust assets for a beneficiary.
Guardian Bond
Required when a court appoints a guardian to manage the personal affairs or property of a minor or an incapacitated person.
Conservator Bond
Required when a court appoints a conservator to manage the finances and property of someone who cannot manage their own.
Three Things to Know Before You Buy
The court sets the amount
You don't calculate it yourself. The amount is based on the estate's value, and you should wait for the court's figure before purchasing — buying too early can mean buying the wrong bond.
The estate pays for it
The bond amount is coverage guaranteed to the estate, not a cost to you. The premium is a small percentage of that amount and is paid from estate funds as an expense of administration.
It can sometimes be waived
Many states waive the bond when the will directs it, when all heirs consent, or when the representative is the sole heir. Your court order will tell you what's required.