Probate is a process during which a court authenticates a will. It’s at this point that an executor or personal representative of the estate is established and appointed, which is important to know if that role will some day become yours.
As an executor, there are many things that you need to do. The first is one that many people don’t talk about, and it’s called posting bond.
Posting bond is a way to protect yourself, and it acts like a kind of insurance. You post a certain amount of bond at the beginning of your role as an executor. This bond is held in case the estate needs to be reimbursed due to mistakes that you make (whether intentional or unintentional).
How much will you have to pay to post bond for the purposes of probate?
If you have to post bond, the amount you will want to post may vary based on the size of the estate. Typical probate bond calculations are around $5 per $1,000 of coverage through a probate bond provider. For up to $100,000 of coverage, as an example, you may pay as little as $500. You don’t have to use an insurer if you have the money to post bond in cash.
Do you get your probate bond back?
As long as you do nothing to harm the estate, you should have the full bond returned to you. If you go through an insurer, then you may receive the bond minus a fee for the service. Your attorney can help you if you’re not sure how much bond you need to post or the amount of coverage you may want to have.