Probate bonds are required most often when an estate needs to be divided amongst heirs. As a way to simplify the process the court names an individual to execute the liquidation or distribution of the estate . As a way to qualify this person, the court requires a bond which is a guarantee that the person who is appointed to divide the estate will execute their duties appropriately. The idea is that the bond protects the heirs against their inheritance being stolen by the person who was being trusted to give it to them. Underwriting of the bond consists of a one page app, credit check and if the bond is rather large a personal financial statement. Standard bond premium rates are typically around 1% of the bond premium.
Guardianship bonds are required most often when the elderly, minor children or disabled people need another individual to care for them. The bond guaranties that the individual appointed to care for them will manage the finances and any other concerns that the court deems necessary properly and with the best intentions. The underwriting of the bond consists of a short application, credit check and depending on bond size a personal financial statement. Standard bond premium rates are typically around 1% of the bond penalty.
Supercedeas bonds or appeal bonds are required to be in place before an appeal is heard by the court, the bond is a guarantee to pay the previous judgement should the appeal fail to overturn the original ruling. These bonds full collateral plus a percentage on top added for legal fees the other party, standard bond premiums are typically around 1% of the penal sum of the bond. The underwriting of the bond consists of gathering a one page bond application and copy of the original court judgement that is being appealed.
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