Probate Bonds/Fiduciary Bonds

A probate bond, also called a fiduciary bond, is a surety bond a probate court may require when it appoints you to manage someone else's money or property. That includes executors and administrators of an estate, and guardians and conservators of a minor or an adult who can't manage their own affairs. The bond guarantees that you will follow the law and the court's orders and act in the best interests of the people you serve.

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Required byProbate court

Bond amountSet by the court

TermUntil you're discharged

PremiumQuoted by underwriting

How a probate bond works

The bond is an agreement among three parties: you, the court-appointed fiduciary (principal); the probate court that requires the bond (obligee); and the surety that issues it. For example, if a guardian takes $50,000 from a niece's inheritance, she may be able to make a claim against the guardianship bond. If the claim is valid, the surety pays her up to the bond amount, and the guardian must repay the surety.

Types of probate bonds

Common probate bonds include administrator and executor bonds for people who manage a deceased person's estate, guardian bonds for people who manage a minor's or incapacitated person's property, and conservator bonds for people who manage an adult's finances. Courts may also require bonds from trustees and special administrators. Names and roles vary by state.

Bond amount and your premium

The judge sets the bond amount, usually based on the value of the assets you will manage, and may order an appraisal first. That amount is the coverage required, not the price you pay. Your premium depends on the type of bond and the surety's underwriting, including your credit and finances. You usually pay the premium up front, and the court may allow the estate to reimburse you. Request a quote rather than relying on a fixed rate.

How to apply

You will usually petition the court to be appointed first. Once the judge sets the bond amount, start the online application with your information, the case details and the bond amount required. WWIS will review your submission and help you with the quote, the court's bond form and issuance. Guardian and conservator bonds often need more documentation than estate bonds. Approval and timing depend on the surety and a complete application.

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Application checklist

Information needed to apply

The court order or notice setting the bond amount, plus the court name and case number.
The court's bond form. Many counties require their own form.
Information about the estate or assets you will manage, such as an inventory or appraisal.
Your personal information and credit, plus any additional documents the surety requests.

Can the bond be waived?

A will can include a clause waiving the bond for the executor, and in some states the heirs can agree to waive it. The judge still decides, and can require a bond even when a will waives it. Whatever its type, the bond stays in force until you finish your duties and the court discharges you. If that takes more than a year, you may pay a premium each year.

VA fiduciary bonds

The Department of Veterans Affairs appoints fiduciaries to manage benefits for veterans and other beneficiaries who can't manage their own. A VA fiduciary generally must get a surety bond once the VA funds they manage for a beneficiary exceed $25,000, in an amount that covers those funds. Some fiduciaries are exempt, including a beneficiary's spouse and a court-appointed fiduciary whose court bond covers the VA funds. The VA tells you the required amount in writing.