Yes and No. If the agent is able to get a premium for a bond, then they may have a carrier that will issue one. Most agents don't sell these types of bonds. Even if your agent is able to quote the bond, then they're probably not experts with bonds for probate court. Triest Agency specializes in these types of bonds. We understand all the angles. We have not one but five major companies that offer bonds which gives us the ability to shop rates and terms. If you want choices. Call Triest Agency. The Bond Experts since 1903.
We recommend that you ask the court to have the premium paid by the estate. There is no reason to pay for the cost of the bond out of your own pocket even if you're being paid to be the administrator. Sometimes, it is as simple as asking the judge to issue an order allowing you to be reimbursed for the bond premium. Call us. We can help with your questions. 843-556-6232
The court is responsible for making sure that the money is secure. You may be asked to be a guardian, executor or personal representative for someone that you know. It could be a relative that is not able to handle their own finances or an estate of a relative. Most people don't understand why they would need to be bonded if you're a close family member. The rub is that you may be a close family member but unfortunately even family members have been known to misappropriate the money that they're asked to manage. By being bonded, the money is protected.
2. Public Official Bonds
These bonds guarantee taxpayers and constituents that a public official will faithfully perform the duties of his or her office. This type of bond goes beyond honesty insurance, because a public official could easily lose public funds without intentionally acting dishonestly. For example, if a public official uses taxpayer money to fund a project that has been poorly designed and proves to be impossible to complete, the taxpayers could now turn to this official for financial restitution of their lost funds. In this example, the official did not intend to abuse taxpayer funds. But ultimately, his or her decisions led to the loss of public funds. A public official bond protects government officials in the event that they did not act dishonestly, but they may have violated their “faithful performance” duty.
3. Judicial Bonds
Judicial bonds are court bonds brought into effect by a lawsuit or other court action. The two basic subtypes of judicial bonds are plaintiff’s bonds and defendant’s bonds. Plaintiffs bonds allow a financially dependable plaintiff to take possession of the property in question prior to the conclusion of the trial, in anticipation of a favorable judgement. This plaintiff’s bond protects the defendant in the event that the court decides the defendant is entitled to the disputed property and the plaintiff was wrong to assume a judgment in his or her favor. Defendant’s bond serve as the inverse of plaintiff’s bonds. Defendant’s bonds can counteract the effect of a plaintiff’s bond when the defendant has posted a collateral amount that protects the surety from loss in the event of a claim. Bail bonds are one example of defendant’s bonds. The defendant posts an amount of cash as a collateral prior to the trial and in anticipation of a favorable judgement to guarantee that he or she will appear at trial.
4. Fiduciary Bonds
A fiduciary is an individual designated to handle the financial affairs of another person once that person is incapable of doing so on their own behalf. This fiduciary is referred to as a guardian or conservator if the represented individual is a minor or an incapacitated adult. If the represented party is deceased, the judiciary serves as an administrator. And if this representative was specifically named in the will, he or she is referred to as the executor. A fiduciary bond guarantees that the representative will faithful perform his or her duties to the party that he or she is representing. This fiduciary bond (such as a probate bond) ensures that the fiduciary appropriately handles and distributes the assets of the represented party. In the event of a loss or a claim against the surety bond, the surety company pays out the losses to any entitled heirs or other beneficiaries.
5. License and Permit Bonds
License and permit bonds guarantee that private contractors and builders conform to government imposed laws and regulations. Prior to completing a public works project, the contractor must obtain a surety bond verifying the contractor’s ability to complete the public works project. Not only does the surety bond guarantee that the government will receive compensation for any damages paid out by the surety, but it also ensures that only qualified contractors will undertake jobs for the government, because surety agencies will only underwrite bonds for capable contractors. These bonds protect the public against damages stemming from unqualified and irresponsible licensees.
6. Contract Bonds
When a contract for a large project is available, each bidder for that contract must post a bid bond guaranteeing that he or she will enter into this contract at their bid price if they are awarded the contract. Once the contractor whom has been awarded the contract enters into the bid contract, the bid bond amount is released. However, if the contractor fails to enter into the contract for the agreed upon bid price, this selected contractor must forfeit the bid bond amount as collateral damage.
Performance and Payment Bonds
Performance and payment bonds are generally issued together as a collective “final” bond. The performance bond guarantees that the agreed upon conditions of a contract are met by the awarded contractor. The payment bond covers the contractor’s payment of labor and materials necessary to complete the contract. These bonds are commonly employed by government agencies that are legally required to award their contracts to the lowest bonded bidder. The performance bond, combined with the screening process which the surety company has performed, guarantees that all of their bidders will be qualified to perform the job. Additionally, the performance bond ensures that the government agency will receive financial compensation if a bonded contractor proves incapable of completing the awarded contract.
7. Miscellaneous and Federal Bonds
It is important to remember that there are unique surety bonds for just about every possible situation involving a contract or an agreed upon future performance. These bonds are designed to guarantee that all contracts are faithfully and adequately performed by the bonded party. Surety bonds can range from adoption bonds to travel agency bonds to wine maker’s bonds just to name a few. Surety bonds guarantee that the bonded party is both qualified to perform their contracted job and backed by the credit and solvency of a respected surety agency.
Probate bond agents serve as an intermediary between the surety (insurance) company that is providing the bond and the executor of a will whom is seeking a probate bond. The only party capable of quoting and selling probate bonds in South Carolina and Georgia are licensed insurance agents. This ensures that the agent for a probate bond is qualified to sell that bond. The probate bond agent must be licensed in the state which it is selling probate bonds, and must be approved by the surety companies who they represent. Your Triest Agency probate agents are granted certain powers to act on behalf of the surety provider. Here at Triest, we are contracted with several of the leading surety companies which allows us to underwrite and execute probate bonds in house. This allows us to expedite and simplify the probate bond process for our clients. We can write the bond in house and hand deliver it to the attorney or probate court. In fact, many times we can get our clients a probate bond approval in just minutes. Over a century of experience makes us the top agency for writing probate bonds.
When dealing with a matter as complex and important as probate court bonds, it can be easy to overlook crucial factors when selecting an insurance agency. Our account executives at Triest Agency have more experience than anyone else when it comes to probate bonds. Triest Agency has been writing surety & fidelity bonds since 1903. Required bond sizes and regulations vary between probate courts, but we have over a century of experience working with Georgia and South Carolina probate courts. While probate bonds may be an afterthought to other agencies, here they serve as our top priority. As an independent agency, we can work with several top bond carriers like The Hartford, Travelers, Liberty Mutual and Main Street on your behalf to get you the best rate on your probate bond. Our account executives employ their deep breadth of knowledge and experience with probate bonds to make this a stress-free part of the probate process for conservators, executors, administrators, and personal representatives alike.
When looking for a fiduciary bond it is extremely important to find an insurance agency that understands bonds and that has more than one company they use to write bonds. Triest Agency has been writing surety and fidelity bonds for 114 years and because of that experience we are appointed to write bonds through the top surety bond companies in the country.
When you call Triest Agency for a fiduciary court bond, you aren’t just calling one insurance company, you are calling several of the top fiduciary court bond companies in the county all at once. We have surety companies that specialize in long term conservator of minor bonds; we have companies that specialize in high value estates; and we have companies that specialize in hard to place bond risks no matter the size. When you call Triest Agency for a fiduciary court bond, you are going to get the best price.
We know that often the party that comes to us for the bond sees the cost of buying a bond as an unexpected expense. The Probate Court is charged with the responsibility to protect monies that could be misappropriated. The probate bond is a way to backup that protection. Triest agency understands the fiduciary probate and court bond process, and we will work with all conservators, executors, administrators, and personal representatives in need of court bonds to make the bonding process the easiest part of the probate experience.
This is one of the most frequently asked questions we receive at Triest Agency. We get multiple probate fiduciary bond requests every day from all parts of South Carolina and Georgia. Many of the people that call us for fiduciary bonds don’t understand why they need to be bonded in the first place. So here is a quick explanation.
Chances are if you need a fiduciary probate bond, you are either managing money of a deceased person’s estate or you are managing the money of someone who the County Probate Court Judge has found to be incompetent or incapacitated; therefore, they aren't able to manage their money themselves.
If you decide to serve as a fiduciary then you will have to petition the County Probate Court to be appointed as one of the following:
The County Probate Court Judge has to appoint you to take on the responsibility of managing monies that aren't yours.
In many cases the court will also require you to submit a bond with your petition. Since you are going to be managing an estate or some amount of money that doesn't belong to you, the bond will safeguard the monies in question. By qualifying with the insurance company for a bond, you are showing the County Probate Court that not only are you capable of managing someone else's funds, you are also insured to do so as well.
If the fiduciary or person appointed and bonded commits fraud, theft or embezzles the monies that they're entrusted to manage, the bond may help limit the amount of damage to the trust or estate. There can also be non-intentional acts committed by the fiduciary. A fiduciary may carelessly or negligently deplete assets that they're supposed to protect. The bond amount is usually equal or greater than the amount of assets managed. In the event of a claim, the insurance company will be demanded by the County Probate Court to investigate and potentially replace the amount lost but this amount cannot exceed the bond's limit.
"It’s simple. Triest is the #1 recommended Agency when it comes to probate bonds. And there is a very good reason. We have been specializing in fiduciary bonds for Charleston County, Dorchester County, Berkeley County and all of South Carolina's probate courts for over 100 years. Triest was founded on downtown Charleston's Broad Street in 1903. Because of that experience we have compassion for people going through the probate process. We know how to make the process simple and stress free and affordable for our clients, attorneys and the probate courts.
We're your trusted Charleston South Carolina fiduciary and probate bonding agency. We understand that each estate and conservatorship scenario is different and we have a different surety company for every situation to guarantee we will always have the most competitive bond premium.