What is an Executor Surety Bond?
Executor Surety Bonds, also known as “administrator bonds,” “estate bonds,” “fiduciary bonds” or “probate bonds,” are issued to individuals who have been appointed to administer the estates of deceased persons. Upon an individual’s death, a probate court will oversee the estate to ensure that the deceased’s wishes are carried out according to the will. The party named in the will or appointed by the court to oversee the estate is referred to as the executor. Executors may be responsible for protecting and disbursing the estate’s assets, contacting beneficiaries and potential heirs, having the estate appraised and ensuring taxes and debts are paid.
Bond amounts vary depending on the estate’s value, the amount of coverage required by the court and the financial credentials of the executor. Pacific Surety offers industry low rates on Executor Surety Bonds and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
Which states require Executor Surety Bonds?
Pacific Surety proudly offers Executor Surety Bonds in the following states:
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington, D.C.
- West Virginia
- Wisconsin
- Wyoming
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for Executor Surety Bonds?
Bond amount for an Executor Surety Bond vary and are based on the estate’s value. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does an Executor Surety Bond cost?
Pricing for Executor Surety Bonds will vary, and your premium will be based on the following factors:
- State the bond is required in
- Amount of the bond
- Term length of the bond
- Personal credit for appointed individual(s)
Individuals with good credit can expect to pay between 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Executor Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get an Executor Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Executor Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I purchase an Executor Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
Who does an Executor Surety Bond protect?
These surety bonds serve as a safeguard against potential acts of fraud and misrepresentation perpetrated by the executor, as well as the misappropriation of allotted funds. Executor Surety Bonds give the family members, heirs and other stakeholders in the estate an avenue of recourse if the executor acts illegally. If a claim is filed against the principal (executor) and it is found to be valid, the surety would pay out up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including attorney’s fees.