Do You Need A Probate Bond?

We can get a probate bond for you quickly and conveniently.   You can pay electronically and get the bond emailed to you.

What to do after you are named executor of an estate?

Maryland’s Attorneys trust Huff Insurance to handle the probate bonding needs of their clients.

We can have your probate bond ready and electronically delivered to you in about 15 minutes in most cases.

The death of a loved one can be a very traumatic event for those left to handle the estate.  We are here to help you make the bonding process as smooth as possible.

Each county in Maryland has a Register of Wills office.  Their staffs are usually very helpful in assisting you with your questions or concerns.  There are also many attorneys that offer estate and probate services. Depending on the size of the estate you may not want to handle this alone.

Nancy Nicklow’s Personal Story

I’m Nancy Nicklow, president of Huff Insurance.  After my parents passed away, dealing with their estate was a very tedious and time consuming task. I would not have been able to do this alone without an attorney.  Here is a blog I published that goes over several items that you may need to pay attention to.  Nancy’s Blog on Handling an Estate.

As the administrator of the estate, you may be required to get a probate bond.

A probate bond is not always required by the terms of the decedent’s will.   Many counties will still require you to get a nominal bond or a small bond of personal representative for the $25,000 minimum amount.

What is the bond amount?

The bond amount is set by the probate just.  If they are unsure then contact your attorney or the register of wills office.  In general, probate bonds are usually $100,000 or less.

Any bond amount over $25,000 may require an attorney to be involved to assist with the distribution of the estate.   Estates with uncommon assets, like a business or illiquid assets, may need help from a third party.

Huff insurance can work directly with a personal representative or with an attorney to handle on getting the bond issued.  Bond premiums for estate and probate bonds can be as low as $100.

What is the purpose of the estate bond?

Probate bonds are a type of surety bond required by a court to ensure estate assets will be managed and distributed properly by a court-appointed fiduciary.   Probate bonds protect the beneficiaries of an estate from financial harm if the fiduciary of the estate breaches their duties.   A fiduciary is a person that puts the interest of someone else, in this case the estate, before their own.

An Administrator is someone required for a fiduciary handling the affairs of an individual who has passed away without a will.   An executor is a fiduciary who has been designated in the will as the executor for an individual that has passed away.

The nominal bond is used by the counties to ensure that the estate taxes are paid by the estate of the deceased.

The personal representatives’ primary duty is to ensure that all of the debts are paid and that the assets of the deceased are distributed as per the will. Depending on the amount of bond require the personal financials of the personal representative to be reviewed and approved by the insurance carrier before a bond will be issued.

The personal representative agrees that they will be held personally and financially liable if the bonding company pays the county the estate taxes due they will then file legal actions against the personal representative to collect what they have previously paid.

What is the difference of a nominal bond and a bond of personal representative?

Depending on the county that the estate is being opened in, they may require one or the other of the bond. A nominal bond is more restrictive and the State of Maryland is the only one that can file a claim with the bonding company. A bond of personal representative allows for a few more entities or persons to bring a claim against the estate so your attorney could file a claim if their fees were not paid as well.

If there is a house in the estate, and it is vacant for more than 30 days, there could be dangerous gaps in the home insurance policy that is probably in force.  We also have a great Vacant Property Insurance policy that can help fill these gaps

Huff Insurance can write all forms of probate bonds for your needs. We can help you with all of your bonding needs either fill out a quote request form on this page or contact us today at 410-647-1111.