A Pennsylvania Personal Representatives Bond is a type of surety bond required in the state of Pennsylvania. It is a legal agreement between the personal representative of an estate (the principal) and a surety company (the obliged) that protects the estate’s assets and heirs from any financial losses due to dishonest or fraudulent acts of the personal representative. The bond ensures that the personal representative will fulfill their fiduciary duties as outlined by law. There are two types of Pennsylvania Personal Representatives Bond: Estate Bond and Executor Bond. The Estate Bond is required when the personal representative is dealing with a small estate, while the Executor Bond is required when the personal representative is dealing with a large estate.
Pennsylvania Personal Representatives Bond
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Probate Bonds for Allegheny County, Pennsylvania The county will require a probate bond in the amount of 125% of the value of the estate. The court will also determine if the value of any real estate must be included. To open an estate with the court, the minimum bond requirement is $8,000.
Pennsylvania notary bonds cost $50 for the state-required 4-year term. You can also add errors and omissions insurance coverage to ensure you aren't held liable for notary errors.
The Pennsylvania Title Agent Bond is required by the Commonwealth of Pennsylvania, Insurance Department. The bond amount is set at $100,000. It states that the bondholder shall fully and faithfully comply with the terms and provisions of the Pennsylvania General Assembly.
(a) Personal representative. --A personal representative shall have the right to and shall take possession of, maintain and administer all the real and personal estate of the decedent, except real estate occupied at the time of death by an heir or devisee with the consent of the decedent.
The bond premiums are normally calculated at one-half of one percent (0.5%), which is equal to $500 for every $100,000 of estate assets....How Much does a Probate Bond Cost in Pennsylvania? 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%
Pennsylvania offers a simplified probate process for small estates, which state law defines as estates that contain no more than $50,000 in assets.
Notary surety bonds are contracts wherein the surety (an insurance company authorized to do business in Pennsylvania) has agreed to pay losses, up to $10,000, caused by the failure of the notary public to faithfully perform the duties and responsibilities of a notary public.
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.