What Are Administrator Bonds?
Estate administrator bonds are a type of probate bond which protects creditors and beneficiaries from fraudulent or negligent activity of an administrator. The probate court appoints administrators to handle the estate of a deceased person without a will and requires them to purchase a surety bond.
This bond guarantees an estate administrator will properly complete duties such as the following:
- Collecting the deceased’s assets
- Paying creditors
- Distributing assets to beneficiaries
If an administrator fails to perform or commits fraud, the bond can provide financial protection to affected parties.
Note: Estate administrators are not the same as executors. Administrators are appointed by the court when there is no will or previously decided executor to handle assets. Apply for an executor bond here or learn more about bonds for estates.
How Much Do Surety Bonds Cost for Estate Administrators?
The administrator bond amount is decided by the court based on estate size and the premium rate is a percentage of that total based on personal credit score.
Probate bond premiums typically cost 0.5% for the first $250,000 of coverage. This means a $150,000 probate court bond could cost just $750. Apply now to receive a personalized quote.
How Do Administrator Bonds Work?
By purchasing this bond, you enter a legal contract between three parties:
- Obligee: The entity requiring the bond, typically the probate court
- Principal: You, the administrator purchasing the bond
- Surety: The entity backing the bond
The purpose of an administrator bond is to guarantee the principal manages the estate properly.
How to Get an Estate Administrator Bond
At SuretyBonds.com, we provide the quickest and easiest bonding process. To get an administrator bond, complete the following steps:
- Apply online at SuretyBonds.com
- Get a free quote within one business day
- Buy online or over the phone
- Receive your bond in the mail
- Sign and submit the bond form to your obligee
Please note, we do not offer administrator bonds in Virginia.
What Do I Need to Include in My Administrator Bond Application?
When applying for your administrator bond, include the following information:
- Court case number
- Estate name and date of death
- Name and address of obligee
- The appointment date
How Do I Renew My Administrator Bond?
Administrator bonds expire annually. A SuretyBonds.com representative will contact you during the renewal period to discuss next steps. If you have any questions, refer to our Surety Bond Renewal Guide or call 1 (800) 308-4358 to speak with a team member.
