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Ford & Thomas

Probate Bonds

What is Probate?

Probate is the legal process by which an estate is settled. Whether an estate has a will or not, the process of probate guides the steps that need to be taken on behalf of the deceased. The probate process involves these main steps:

  • Categorize all assets of the deceased, also known as an ‘inventory’
  • Notification of heirs, creditors, and representatives
  • Settle all debts
  • Dispersement of remaining of assets to beneficiaries

What are Probate Bonds?

Probate bonds, also referred to as executor, administrator, guardian, or conservator bonds, are surety agreements that cover the probate process. Required by the probate court, a probate bond (also known as an Estate Bond or Fiduciary Bond) is a type of court bond that ensures you will fulfill your duties as the appointed individual.
The amount of the bond depends on the value of the estate (or can be as little as the amount of outstanding debts). Any amount less than the value of the estate has to be agreed upon by the heirs.
The bond guarantees to the court, heirs, and creditors that the person qualifying will carry out all the terms of the will accurately. If the executor or administrator mishandles assets of the estate, the heirs and creditors can make a claim against the bond.

HOW MUCH DOES A BOND COST?

Probate bonds vary in amount, therefore they will vary in premium cost. Usually your bond amount will be based on the value of the estate, established by the inventory of assets.
For example, if the bond is set at $100,000, the premium would be around $310.00. For a bond o $500,000, the cost would be $1,110.00. This premium is good for one year.
The best way to see what you would pay for a Probate Bond is to get a free quote below:

Need a Bond Immediately?

Ford & Thomas works closely with the courts throughout the state of Virginia to issue Probate Bonds. If you need additional information or you are a person that has been informed by the court that you need to qualify for a probate bond, please contact us today @ (804) 266-7696. All we will need is your name, current address, and Social Security Number to apply for qualification. SAME DAY call backs and wide availability to travel to any Virginia courthouse as needed.

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