What is a Arizona Probate Bond?
A Probate Bond is a type of surety bond required for individuals appointed to act as executors or administrators of a deceased person’s estate. This bond ensures that the fiduciary will manage and distribute the estate’s assets according to the terms of the will and in compliance with court orders and relevant laws. If the executor or administrator fails to fulfill their duties, such as by mismanaging assets or engaging in fraudulent activities, the bond provides financial protection to beneficiaries and creditors by covering any resulting losses.
Types of Probate Bonds include:
- Conservator
- Guardian
- Personal Representative
- Trustee
- Special Administrator
How to get a Arizona Probate Bond in 3 easy steps with Southwest Bond Services
Request a Quote
Fill out our online form or give us a call to request a free quote. Our team will promptly assess your requirements and provide you with a competitive quote tailored to your specific circumstances, ensuring clarity and transparency throughout the process.
Provide Required Information
Provide the necessary information requested by our team. Whether it's details about your project, business, or personal information, rest assured that your data will be handled securely and confidentially to facilitate a smooth experience.
Pay & Sign
Complete the process by making your payment for the bond premium and signing the required documents. Our team will guide you through the each step of the process to ensure accuracy and compliance with all legal and contractual requirements.
Who Needs an Arizona Probate Bond?
A probate bond, also known as a fiduciary bond, personal representative bond, executor bond or special administrator bond, is required for various reasons of individuals or entities who have been appointed as Personal Representative or Special Administrator of an estate.
Some of the reasons one may be required to provide a probate or personal representative bond are:
- The will does not waive bond
- There is no will and all the heirs won’t or can’t waive bond
- An element of the case leads the judge to require bond
If a bond is required, the Personal Representative cannot obtain their letters and distribute the estate until a bond is filed with the court, usually within 10 days of the appointment.
How Much Does a Probate Bond Cost in Arizona?
The cost of a probate bond, personal representative bond and a special administrator bond is dependent on the bond amount, case information and certain criteria the surety may review about the applicant.
These bonds start at $150.00 annually.
The fees used to purchase the bond are usually considered an expense of the estate and are reimbursable to the payer.
Arizona Probate Bond FAQs
How Does an Arizona Probate Bond Work?
A probate bond is required by some who are appointed as Personal Representative or Special Administrator of an estate.
It is in place to protect the assets of the estate, heirs to the estate, and creditors of the estate. It provides a financial recourse should the fiduciary fail to meet their obligations.
The fiduciary bond is in place and renews until a closing statement is filed or the court releases the personal representative and exonerates the bond.
How do I get an Arizona Probate Bond?
In order to purchase a probate bond, you must submit a request online or call us so we can send you an application. We will then review the application and run credit if the bond amount is over $100,000.00. In addition, we will request the related court documents and review the case. Typically, we can issue this bond, if approved, within an hour of our initial conversation.
The courts here in Arizona do require originals with ‘wet’ signatures which is why it’s important to use a local agent so you do not need to wait for your bond to come in the mail from another state. In addition, the courts here require the bond agent to be filed with each county court or they will not accept the bond.
By using a bond agent that is not local to Arizona and does not know Arizona’s rules, you risk wasting much time and money going back and forth until it’s figured out.
Can I Get an Arizona Probate Bond With Bad Credit?
We do not run credit on probate bonds up to $100,000.00. Above $100,000.00, we review credit history along with the case information.
We look at each request on a case by case basis factoring in the case, attorney, and overall opinion of the applicant.
