Obtaining A Bond
Most Probate surety bonds are issued after the Probate Court orders a fiduciary (a Conservator, Guardian, etc.) to obtain a bond to protect the assets of the protected person. The fiduciary, with the help of his or her attorney (the Company likely will not issue a bond for a fiduciary who does not have an attorney who will stay with the case through its administration), completes and signs a brief Form 10 bond application and submits it to my agency together with a signed consent allowing the company to run a credit check and a copy of the Order setting the amount of the bond.
The application and the consent are both available as downloadable PDF files in the Forms tab of this website.
The quickest and most efficient way to submit the application and consent are to scan the signed documents and email them to me here:
I will then submit them to CNA/Western Surety for review. Upon approval, the bond is issued and mailed to the fiduciary with a billing for the first year's premium. That premium must be paid promptly, or the bond will be canceled. Normally, the fiduciary cannot access the funds of the protected person until the bond is issued and filed with the Court, and the fiduciary receives Letters of Authority, so the fiduciary normally pays the premium and is reimbursed once the Letters are issued and the fiduciary has access to the funds.
The annual premium is dictated by the amount of the bond. Some examples:
Amount of Bond Annual Premium
$25,000 $170
$50,000 $320
$100,000 $620
$200,000 $1,220
$500,000 $2,420
The cost of the premium is an allowable expense of the protected person's estate. The first year's premium is non-refundable, but most protected persons' estates continue for more than one year. The annual premium is billed about 60 days before the anniversary of the bond and can be paid from the estate's assets. That billing must be paid promptly or the bond will be canceled. Once the protected person's estate is closed by the Court and the Court orders the bond canceled, the fiduciary may submit the Order and receive a pro rata refund of the annual premium. Even if it is expected that the estate will be closed near the anniversary date, the premium must be paid, and the Order closing the estate submitted for a pro rata refund.