Posting Bond For Estate In Florida
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It is based on the total amount of the estate, including any real estate, that the fiduciary has to oversee. The bond premiums are normally calculated at one-half of one percent (0.8%), which is equal to $500 for every $100,000 of estate assets.
Due to their individual requirements and processes, the length of time it takes to acquire a probate bond varies from company to company. However, many surety companies can bond a person within 24 hours or as quickly as within the same business day.
While each state is different, California generally requires your personal representative to be bonded. The only exceptions are when the testator's will expressly waives the requirement (and the court permits this to happen) or all the beneficiaries will agree in writing to waive the bond requirement.
Under the Florida Probate Code, any individual serving as a personal representative must file a bond unless the an interested party petitions the probate court requesting a waiver of the bond requirement, or the court on its own motion decides to waive the bond requirements.
Best-case scenario: Release within 30 minutes to 2 hours after posting bail during regular business hours. More typical scenario: Release within 4-8 hours, especially during off-peak hours or weekends. Worst-case scenario: Release could be delayed for 24 hours or more in complex cases or due to logistical hurdles.
A bail bond is a surety bond, which is posted by a bail bond company to the court as a guarantee for an arrestee's appearance at all court dates. The court will release an arrestee from detention upon posting of the bail bond.
A probate bond is a type of court bond issued on the performance of an executor of the estate of a recently deceased person. It essentially acts as a guarantee that the executor of an estate will act ing to state laws and the terms of the trust or will of the deceased.
