Administrator Bonds

What is an Administrator Bond?

What Does an Administrator Bond Protect Against?

Remember, as an administrator, you're chosen by the probate court and it's up to the court whether or not you'll need a purchase a surety bond.

This means the probate judge (or attorney) will tell you the amount of the bond you're required to purchase.

The bond protects the beneficiaries of the estate if an administrator purposefully alters the distribution of assets, including:

• Misappropriating funds or assets
• Withholding inheritances
• Lying about estate assets
• Hiding or omitting estate assets
• Failing to notify a beneficiary
• Underpaying a beneficiary
• Falsifying liabilities
• Charging inflated fees
• Selling assets at below market value to third parties

If an administrator is found guilty of these or similar actions, the beneficiaries can make a claim against the surety bond for financial compensation. However, claims can only go up to the amount of the administrator bond.

The bond amount is going to directly affect the price to purchase the bond.

How Much Does an Administrator Bond Cost?

The price to purchase an administrator bond is based on a rate, determined by a surety.

A surety is a special type of insurance company that underwrites surety bonds, including administrator probate bonds.

The primary factor that determines the price is your personal credit.

But, this is why it's so important to work with a specialized surety agency like Surety Bonds Direct when you purchase a surety bond.

Administrator Bond Amounts Under $150,000

As an agency, we work with multiple sureties and we're able to price shop for you. In fact, we've already secured low fixed prices for bond amounts under $150,000.

Fill out our online quote form and you can get pricing almost immediately. If you prefer to speak with a bond specialist, you can call 1-800-608-9950.

Administrator Bond Amounts Over $150,000

If your bond amount is over $150,000, the price will be based on your credit score.

But again, this is why working with a specialized surety agency like Surety Bonds Direct is so valuable.

We will price shop for you and collect rates from every surety that underwrites administrator bonds, delivering to you the lowest fate and lower price possible.

Let's look at some examples of pricing so you can get an idea of how important getting the lowest rate is.

We'll use a bond amount of $350,000. Pay attention to the prices and how much they change with small percentage point changes.

In most cases you're rate will come back between 0.5% and 1.0%.

While this pricing example is helpful to get an idea of what your costs might be, you can get your actual cost today by requesting a price quote.

It costs you nothing to have our bond specialists price show for you.

And even better, you're under no obligation to purchase once you receive your pricing. This is free information you can use to get this process done.

Click here and request your no obligation quote today.

If you prefer, call 1-800-608-9950 to speak with a bond specialist. They will deliver pricing to you in under 24 hours.

How Long Does It Take To Purchase a Bond

If your bond amount is under $150,000, you can receive your pricing immediately.

If you're bond amount is under $150,000, it takes a bond specialist under 24 hours to price shop and deliver your price quote.

Once you have pricing, it takes our issuance team less than 24 hours to have your bond issued with the:

• Correct bond form
• Appropriate signatures and seals
• Required power of Attorney

Every state is a little different in how they require you to submit. your bond.

• Some states will accept a copy of the bond meaning we can email your bond to you
• Some states want the original bond meaning we have to mail it to you
• Other states require a special bond form so you have to mail us the bond for us to prepare it and mail it back

Every situation is unique, but we've helped hundreds of individuals purchase administrator bonds.

There is no situation we haven't seen.

How Long Does an Administrator Bond Last?

Administrator surety bonds have a bond term of 12 months (1 year) before the bond is required to be renewed.

However, it nearly every situation, the probate process will take less than 1 year to complete.

So in most cases, you won't have to renew your bond.

However, if your probate case extends beyond a year, you will have to renew the bond.

And this is another good reason why working with Surety Bonds Direct is a great idea.

We manage your administrator bond for you.

Especially when dealing with probate, you'll have enough items and stress to worry about, so we manage your bond for you.

Your bond specialist will contact your 30 to 40 days in advance of your bond renewal date to make sure the process is fast and painless.

When you no longer need your bond, most probate courts will require a bond release form. We will also handle this for you.

Administrator Bond vs Executor Bond?

You may have heard of an executor bond.

An executor and administrator serve the same purpose of seeing the distribution of estate assets to the beneficiaries.

The difference is whether the estate has a will.

If the estate has a will and the will names an executor, you may be required to purchase an executor bond.

If the estate has no will, like we've mentioned, the probate court will name an administrator. And it's up to the court whether an administrator bond is required or not.