Bonds

South Carolina and Georgia Probate Surety Court Bonds

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Probate bonds also known as surety bonds, executor bonds, guardian bonds and personal representative bonds have been a specialty of Triest Agency since 1903. Larry Freudenberg has been writing probate bonds for over 27 years and we can provide bonds for any probate court in South Carolina or Georgia. Probate bonds are one of the many services that Triest Agency provides the legal community in South Carolina and Georgia. In addition to serving the legal community with probate bonds, Triest Agency specializes in professional liability; commercial general liability; commercial property insurance; business auto; workers compensation and other property and liability coverages for South Carolina and Georgia law firms. From Savannah, Athens, Atlanta, Greenville, Columbia, Charleston and all of the Peach State of Georgia and Palmetto State of South Carolina, we’ve got you covered.

What Are Probate Court Bonds?

The probate bond is a type of court bond that provides a guarantee to a South Carolina probate court (obligee) to protect the assets of a deceased person, incompetent, minor or beneficiary against misappropriation of the assets by the court appointed principal (executor, fiduciary or representative) under their charge. The assets of a South Carolina resident who dies without a will must be probated and the South Carolina county probate judge will appoint an executor . The estate is protected from negligence or misfeasance by the executor. There are also guardianship bonds to protect the assets of vulnerable adults, adults with diminishing capacities, adults with developmental disabilities and minors.

The representative (executor, administrator or guardian) is charged with a significant responsibility. They're appointed to manage assets for an incompetent, minor or estate. Bonds are required by the court to provide ultimate protection for these assets. This person must have a record of being able to manage finances and have a good credit history. They have to faithfully discharge the duties of the office of the representative according to the law. They don't need to be a lawyer or accountant but must be able to manage the assets as prescribed by the court. This person must be credit worthy just as if they were applying for a loan of the same amount of the bond.

How can I apply for a probate bond with Triest Agency?

The process if rather simple. We suggest that you contact us to explain the situation and then we will ask that you complete an application.
Hartford Probate Bond Application
Liberty Mutual Probate Bond Application

Why is a probate bond required of me?

The judge of the South Carolina or Georgia county probate court will determine if he/she feels a bond should be issued to protect the assets of the estate or guardian.

Why should I use Triest Agency for my bond?

Triest Agency is one of the oldest family owned insurance agencies in the nation. Established in 1903 by the current owner's great grandfather.

How much does a probate bond cost?

Prices are a percentage of the bond amount. They will vary depending on the personal credit of the applicant along with the conditions surrounding the estate. Call Triest Agency for an exact price.

Is a probate surety bond protection for me?

No. As the executor or guardian, you are provided no insurance from the bond. The bond does not protect the principal (administrator, executor, guardian). It is solely for the protection of the heir or ward and payable first to the court who is the obligee.

Can I get approved for probate bonding without collateral?

Yes. Collateral is not required for most probate bonds. They are usually approved with just your indemnification and premium.

What are the different types of probate bonds

  • Guardian Bonds
  • Administrator Bonds
  • Executor Bonds
  • Conservator Bonds
  • Receiver Bonds
  • Trustee Bonds

All of these type of bonds provide security to the courts and potential heirs.

Is a probate bond the same as an insurance policy?

No. Insurance is a type of risk management that is between two parties. The insurance carrier and the insured. An insurance policy is a contract that promises to pay or compensate the insured due to a covered loss. A probate bond is a contract among three parties. Not two like insurance. It is issued by the surety company on behalf of a principal (person to be bonded). The bond guarantees that the principal will complete the court required obligation with an honest and faithful accounting. The third party is the court who is the obligee. The actual protection is to the obligee who acts on behalf of the estate, incompetent, or minors. So with insurance you have the insurance company that will pay the loss to the insured but with a bond the surety company pays the obligee or court (or government agency) who then in turn will reimburse the third party.

One additional difference between insurance and surety bonds is that insurance mathematically considers that there will be claims. Surety bonds are based on no claims being paid. There should be no losses with a surety bond. With insurance there is no control over situations like acts of god . A loss paid under a surety bond is recoverable. If the principal didn't complete their obligation then the surety company will pay the claim but the surety company will then go back to the principal for reimbursement.

What's the difference between a surety bond and a fidelity bond?

Surety bond which probate is one type ensures performance of an obligation and compliance with statute or court mandated requirements. There will be monetary compensation should there be a failure to perform specified acts within a stated period of time. It is a way to make "sure" the job is completed. A fidelity bond is a type of surety bond which is issued to safeguard a business from fraud and theft of tangible property, money or securities. Doesn't the business' insurance policy cover employee theft? No usually. Employee theft is a typical and usual exclusion. The way to provide the coverage is with a fidelity bond. A surety bond is a promise to pay where a fidelity bond is a protection in case of theft or fraud.

How can I get a probate bond closed or cancelled?

The bond is closed when the probate matter is closed by an order of discharge from the probate court. The order will release the surety company and the principal of any further obligation with the matter. A probate bond can not be canceled by the surety company or the principal without a court order. The principal is responsible for payment of the bond premium until the order of discharge is issued and accepted by the surety company.

Helpful Links...

List of all Probate Judges in South Carolina by County
Map of SC showing all counties with links to their respective Probate Court
Hartford Probate Bond Application
Liberty Mutual Probate Bond Application