An Administrator Surety Bond is required by a probate court when a person has been appointed to handle the estate of the deceased.
The purpose of the bond is to protect the administration of a will, estate, or guardianship from any financial wrongdoings. The bond amount is decided by the court in order to protect the amount of the estate. If the administrator financially harms the will, estate or guardianship, the amount of this bond is available for compensation.
Difference Between an Administrator and Other Similar Bonds
An administrator bond is very similar to the executor, conservatorship, guardianship, and trustee bonds, with the following differences.
- Administrator: Principal has been appointed to handle the estate of the deceased.
- Executor: Principal has been appointed through a will to handle the estate of the deceased (and you must submit a copy of the will.)
- Conservatorship: Principal has been appointed by the courts to handle the assets of a person who has been declared unable to handle their own affairs.
- Guardianship: Principal has been appointed to protect the assets of a minor until they reach majority.
- Trustee: Principal has been appointed through a trust to handle the estate of the deceased (and you must submit a copy of the trust.)
The cost of an Administrator Surety Bond varies based on several factors, including the size of the bond required, which state it is required in and other underwriting considerations. Most administrator bonds do not require a credit check if under $100k in size. To process your bond, we’ll need a copy of the proposed order from the court that specifies the bond requirements and amount.
All 50 States
We can get you set up with a court bond no matter what state, county, or city you live in. Surety1, an AssuredPartners agency has been a premier provider of surety bonds since 2003 and is licensed in all 50 states. The company maintains an A+ rating from the Better Business Bureau and represents over a dozen “A” rated surety bond companies.
Check out our Fiduciary Bond Guide