Missouri Personal Representative Without Bond Mean
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FAQ
Surety bonds generally cost 1-15% of the required bond amount.
A surety bond is a contractual agreement between three parties: a principal, an obligee and a surety company. The obligee is the party that requires the principal to obtain a surety bond as a condition of conducting business, and the principal is the party that actually would purchase the surety bond.
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.
Also known as an administrator or executor bond, personal representative bonds protect the beneficiaries of an estate from misconduct and misuse of financial assets. The bond amount is set by the court and is dependent upon the size and value of the deceased's estate.
In a Missouri intestate estate, the following order of priority applies to persons who can serve as personal representative: The decedent's surviving spouse. One or more beneficiaries (not including creditors) that the court believes intends to manage and preserve the estate.