Minnesota Probate Bond
A probate bond protects beneficiaries of an estate from financial mismanagement or misconduct by the executor or administrator. Also known as a fiduciary bond, a probate bond is mandated by either a will or a probate court to ensure that the fiduciary handles the estate with honesty and integrity, upholding the trust placed in them.
Minnesota Probate Bond Cost
The cost of a Minnesota probate bond is based on the bond amount and your credit history. Often, the estimated worth of the estate determines the bond amount.
| Bond Amount | Premium (Cost) |
| < $200,000 | $150 - $1,700 |
| > $200,000 | > $1,700 |
For a bond amount that is more than $200,000, the premium will be more than $1,700. For example, a $2.6 million probate bond will cost between $4,910 and $9,120.
Fiduciaries must hold an active surety bond for the duration of the probate process, or when the estate is settled and the court releases you from your duties.
At the end of the probate process, your probate bond may be reimbursed using the estate’s assets.
Why You May Need a Probate Bond
You may need a probate bond if you’ve been specifically designated in the will as the executor or administrator of the estate. If the deceased person died without having a will in place or the person didn’t have close relatives, the court may require you to get a probate bond to ensure you carry out your responsibilities ethically and in compliance with the law.
Can probate bonds be waived?
A will may include provisions waiving the need for a probate bond. However, a judge has the authority to overrule this and require a probate bond at their discretion even if the rules of the state or locale where the will was filed don’t require a bond.
How to Get a Minnesota Probate Bond
The steps to get a Minnesota probate bond include completing an application, agreeing to a credit check for bond amounts greater than $200,000, and submitting the required documents. The documents include:
- The relevant court documents related to the will and the estate
- Personal financial statements
- List of assets in the estate
For more information, NNA Surety can help. Reach out to one of our surety experts by phone or email.