Trusted with an estate — accountable for every dollar of it.
The bond behind the person settling an estate
When a court puts someone in charge of a deceased person’s estate — an executor if named in a will, an administrator if appointed without one — it often requires a probate bond. It guarantees the personal representative will administer the estate honestly and lawfully, protecting the heirs and creditors who depend on them.
What a probate bond guarantees
A probate bond guarantees the faithful performance of the personal representative: preparing a proper inventory, paying the estate’s debts and taxes, and distributing assets to heirs per the will and law. It compensates the estate for loss from fraud, theft, or mismanagement, protecting heirs, beneficiaries, and creditors. The probate court requires and sets it, usually before granting “letters” authorizing the representative to act.
How the amount is set — and when it’s waived
The court sets the amount based on the value of the estate — often the personal property, sometimes plus a year of expected income. A will frequently waives the bond (“serve without bond”), and all heirs can sign waivers, but the court can still require one for good cause — such as an out-of-state representative or a contested appointment. Underwriting is credit-driven (it is a measure of the fiduciary’s trustworthiness), and premium typically runs roughly 0.5%–0.8% of the bond amount, a reimbursable estate expense.
Frequently Asked Questions
How much does a probate bond cost?
Premium is typically about 0.5%–0.8% of the bond amount for someone with good credit — for example, around $500 on a $100,000 bond. It’s usually a reimbursable estate expense. Underwriting is based mainly on the representative’s personal credit.
Can the probate bond be waived?
Often, yes — a will can direct that the executor serve without bond, and all heirs can sign waivers. But the court can still require one for good cause, such as an out-of-state or contested representative.
How is the amount set?
By the probate court, based on the value of the estate — commonly the personal (liquid) property, sometimes plus a year of expected income. It’s set case-by-case, not a fixed statewide figure.
What if I have poor credit?
Because probate bonds are credit-underwritten, poor credit can raise the premium or require indemnity. We work with multiple markets, including programs for credit-challenged fiduciaries.
How do I get a probate bond through Cory Washington & Co.?
Request a quote or contact our team. We confirm your exact requirement, market your bond across multiple surety companies that compete for it, and handle the filing. Cory Washington & Co. LLC is licensed in all 50 states.
All surety bond descriptions on this website are provided by Cory Washington & Co. LLC strictly for general informational purposes. They are not intended to be, and should not be relied upon as, legal, financial, or bonding advice. Surety bonds are not insurance. Bond requirements — including amounts, obligees, and bond forms — are set by government authorities and other obligees and change over time; the information presented is general in nature and does not guarantee the availability, terms, conditions, or amount of any bond. Actual bond terms are governed by the bond form issued by the surety and the requirements of the obligee, and any bond remains subject to underwriting approval. Nothing on this website creates or implies an agent-client relationship, binds a surety, or issues a bond. Cory Washington & Co. LLC expressly disclaims any liability for actions taken, or not taken, based on the content provided here. For advice regarding your particular situation, please confirm current requirements with the relevant authority and consult directly with a licensed professional at Cory Washington & Co. LLC.