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District of Columbia Nominal Bond of Personal Representative

District of Columbia Nominal Bond of Personal Representative

Name: District of Columbia Nominal Bond of Personal Representative
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.58 (458 reviews)

Category:

District of Columbia Statewide - Superior Court - Probate - General

State:

District of Columbia

Control #:

DC-SKU-0551

Format:

Instant download

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Description

Nominal Bond of Personal Representative The District of Columbia Nominal Bond of Personal Representative is a type of bond that is required of an individual who is appointed to serve as a personal representative of a decedent's estate in the District of Columbia. The bond provides financial assurance that the appointed personal representative will fulfill their duties in accordance with the laws of the district and administer the estate of the deceased in a responsible and lawful manner. There are two types of District of Columbia Nominal Bond of Personal Representative: the Surety Bond and the Self-Insuring Bond. The Surety Bond is provided by a surety company and guarantees the performance of the personal representative. The Self-Insuring Bond is a written agreement between the personal representative and the estate’s beneficiaries in which the personal representative is financially responsible for any misconduct or mismanagement of the estate.

The District of Columbia Nominal Bond of Personal Representative is a type of bond that is required of an individual who is appointed to serve as a personal representative of a decedent's estate in the District of Columbia. The bond provides financial assurance that the appointed personal representative will fulfill their duties in accordance with the laws of the district and administer the estate of the deceased in a responsible and lawful manner. There are two types of District of Columbia Nominal Bond of Personal Representative: the Surety Bond and the Self-Insuring Bond. The Surety Bond is provided by a surety company and guarantees the performance of the personal representative. The Self-Insuring Bond is a written agreement between the personal representative and the estate’s beneficiaries in which the personal representative is financially responsible for any misconduct or mismanagement of the estate.

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? Any person having an interest in the estate worth in excess of $1,000, or any creditor having a claim in excess of $1,000, may make a written demand that a personal representative give bond in an amount not exceeding the value of the person's or creditor's interest in the estate.

The amount is typically based on the total estate value the fiduciary will be responsible for. Probate bond premiums are typically calculated at just . 5%, or $5/thousand for the first $250,000 of coverage. This means $100,000 of coverage would cost just $500.

What Do Washington, DC Surety Bonds Cost? Surety bonds generally cost 1-15% of the required bond amount. Costs vary significantly depending on the bond amount you need and your rate (which is the percentage of the full bond amount you must pay).

Washington Contractor License Bond Requirements General contractors require a $12,000 surety bond, and specialty contractors need a $6,000 bond that they must post to the Washington State Dept.

The DC personal representative bond penalty (surety bond amount) is set by the Court genarally in an amount not exceeding the probable maximum value of the personal and D.C. real property of the estate at any time during administration.

Fiduciary bonds pay the amount of a claim made against a fiduciary if the fiduciary undergoes some breach of responsibility. As an example, should the fiduciary commit fraud or embezzle assets belonging to the party being protected, the bond would limit the loss incurred by the estate or the trust.

A personal representative bond guarantees the performance of specific duties. The personal representative must identify all heirs and creditors, identify and collect the deceased's assets and appraise them, pay all debts and taxes, then distribute the remaining assets to the heirs.

How Much does a Probate Bond Cost in Washington? Bond Amount NeededFee<$20,000$100-$150$20,000-30,000$150-$200$30,000-50,000$200-$300$50,000+0.5-0.8%

More info

What is a nominal bond of personal representative? A nominal bond of personal representative, also known as a bond of personal representative, is a type of protection to ensure the person fulfilling the job of a personal representative of an estate will do so lawfully and rightfully.A Personal Representative Bond guarantees that the representative will manage the estate's assets on behalf of its heirs. Step 2 - Complete the Document. Fill out all relevant fields in Form Nominal Bond Of Personal Representative, take a break, and then review. No information is available for this page. (For estates of decedents dying on or after January 1, 1981 through June 30, 1995). Name a personal representative (P. BONDS. Currentness. (a) Form of Personal Representative's Bond. Statement of Personal Representative to Close Estate .

District of Columbia Nominal Bond of Personal Representative

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