Probate Bond InformationA fiduciary bond, also known as probate bonds or an estate bond, is a type of court bond which is requested by probate courts when appointing a fiduciary to a particular case. Fiduciaries are usually appointed to manage or administer estates, or any other assets of disabled, deceased or incompetent persons. Fiduciaries are often also referred to as administrators, guardians, trustees and executors. Therefore, probate bonds is sometimes named after the respective function that a fiduciary has. For example, a trustee has a trustee bond. In essence, all of these serve the same purpose. Probate bonds protect the persons whose estates or assets the fiduciary has been appointed to manage. If the fiduciary engages in dishonest practices, and is found guilty, the surety bond company backing the bond is there to rectify any such claims, up to the total amount of the bond.
Listed below are the 3 absolutes in surety.
- Most be a US Citizen
- Cannot be in current bankruptcy
- Cannot be behind in child support
Three party agreement
Surety Bond Definition: The definition of a surety bond is as follows: A surety bond is a binding agreement between three parties. This agreement sets forth a financial guarantee by one party ( “surety” ) to another party ( “obligee” ) that a third party ( “principal” ) will fulfill required obligations to the obligee, and that state, federal, and local laws and applicable regulations will be adhered to. Let’s examine each of the three parties.Learn more about surety bonds
Bad Credit – Fast Approvals – Lowest Rates Available.
- Credit below 650 and/or have blemishes on credit report.
- Average cost is 5-15% of the bond amount.
- Available for all commercial bonds.
Why does credit matter? Applying for a surety bond is similar to applying for a loan. You are asking a surety company to back you financially. Reviewing credit is the best method for the surety to understand their risk. All sureties review credit as a view only and should have no effect on your credit score. While it is true that bad credit makes it harder to obtain a competitive quote, we are committed to making sure all of our customers have access to the best possible rates. While we can’t guarantee that we can provide a bond for the most extreme bad credit situations, we strive to make sure no stone is unturned! In other words, if you are insurable, we will get it written. Contact us today and let us put together an online quote for you that will exceed your expectations.