Maryland Nominal Bond of Personal Representative or Bond of Personal Representative
Know what this bond is for and how to get one fast!
What is a Nominal Bond of Personal Representative or Bond of Personal Representative?
If you have applied for a Petition for Administration and submitted a Schedule A form in order to begin the opening of the deceased’s estate, you will be required to submit either a Nominal Bond of Personal Representative or a Bond of Personal Representative.
A Nominal Bond of Personal Representative or Form 1116 is used if the bond is “expressly excused by the will or by written waiver of all interested persons.”
The purpose of a Nominal Bond of Personal Representative is to ensure that the personal representative will pay the following:
- The estate debts (listed in Schedule A form) left by the deceased
- The Maryland inheritance tax
- Court costs
- Register’s fees
A Bond of Personal Representative, on the other hand, is used if the bond is “not expressly excused by the will or by written waiver of all interested persons.”
The aforementioned bond is required in order to guarantee that the personal representative will lawfully fulfill the duties of the office of the personal representative of the estate of the decedent.
If the personal representative fails to perform his or her obligations, the Obligee (beneficiary of the bond) will be eligible to recover the amount lost by filing a bond claim.
What is the Nominal Bond of Personal Representative or Bond of Personal Representative amount?
The bond amount varies per principal (bond applicant).
Once you have determined your bond amount, you can find out what your bond premium will be by claiming your FREE SURETY BOND QUOTE HERE!
Those who have excellent credit scores will be eligible for a very low bond premium!
How can I obtain a Nominal Bond of Personal Representative or Bond of Personal Representative?
We’ve made it easier for you! Just follow the simple steps below!
STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, you may do so HERE!
STEP 2: Underwriting
We will ask you a couple of important information needed for the bond. This will include your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.
STEP 3: Bond execution
Once the underwriter is done with the underwriting process, we will immediately issue the bond and send it to you!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Maryland
- The surety bond should be made payable to the State of Maryland
- The principal must fulfill his or her lawful obligations under the provisions of the relevant statutes and the governing authority
- If the principal commits a violation, the aggrieved party will be eligible to file a claim against the surety bond