A personal representative is a person who acts as the executor for a deceased person. The personal representative is responsible for gathering and distributing assets, paying off debts, and more, in accordance with the deceased person's will or personal wishes. The personal representative takes care of money and assets for another person and therefore, is a fiduciary. They must act with integrity and act in the best interest of the beneficiaries and the estate. A personal representative surety bond is a type of probate bond that protects the estate and the estate's beneficiaries from financial loss in the event the personal representative commits fraud, irresponsibility, or wrongdoing. The bond ensures the personal representative will fulfill their duties. If you are looking for information, forms, or applications for a Personal Representative Surety Bond, contact the experienced surety agents with The ProSure Group today to learn more.
In Florida, a personal representative is required by the Probate Court to purchase a bond. This discourages the personal representative from irresponsibility or fraudulently managing the funds and helps protect the beneficiaries.
If misuse, fraud, or wrongdoing is suspected, the beneficiaries can notify and make a claim to the bond administrator. The bond administrator will investigate and if applicable, pay out what is owed to the beneficiary. The personal representative is then responsible for paying back the bond administrator.
The cost of this surety bond depends on a credit report. Well-qualified applicants with strong financial credentials could qualify to pay as low as 1% of the required bond amount. To learn more about how much a Personal Representative Surety Bond would cost you, fill out our free quote form now.
Contact The ProSure Group! Our team of trusted surety bond experts has over 23 years of experience and has partnerships with more than 30 different surety companies. We can answer your questions on personal representative bonds or any other type of surety bond. We work hard to get you the most competitive pricing and terms available in the marketplace. Please complete our simple application, and one of our specialists will get in touch with you as soon as possible.
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