Platinum Bonds Insurance Agency
Research before you apply.This bond protects heirs, creditors, and beneficiaries when someone is appointed to manage a deceased person's estate in Illinois. The bond amount is typically set at 1.5 times the value of the personal estate (or 2 times for individual sureties), and ensures that the executor or personal representative properly handl…
This bond protects heirs, creditors, and beneficiaries when someone is appointed to manage a deceased person's estate in Illinois. The bond amount is typically set at 1.5 times the value of the personal estate (or 2 times for individual sureties), and ensures that the executor or personal representative properly handl…
Court-appointed executors named in a will or administrators appointed for estates without a will (intestate estates) who are managing estate assets through Illinois probate court. Corporate fiduciaries and some executors may be exempt if the will waives the bond requirement or if they qualify under the Corporate Fiduciary Act.
Probate bonds are required for personal representatives, executors, and administrators of estates. Pricing Information:. Court bonds are reviewed case-by-case and must be approved before pricing can be provided. • Bond amount: Typically based on estate value as determined by the court. • What affects pricing: Estate value, reason for appointment, credit and financial strength. • Collateral: May be required for larger estates. • Court approval: Required before bond can be…
Probate application — typically 3–5 business days
Illinois executor and personal representative bonds are governed by 755 ILCS 5/12-5 (Illinois Probate Act), which establishes the bond amounts and requirements. The statute also references 755 ILCS 5/12-4 for exemptions and 755 ILCS 5/12-2 for the oath and bond mandate. Individual circuit courts may have additional local rules regarding bond filing procedures, acceptable sureties, and documentation requirements.
The bond amount is typically set at 1.5 times (150%) the value of the personal estate if issued by a surety company, or 2 times (200%) the value if issued by an individual surety. The Illinois circuit court sets the final bond amount based on the estate inventory, which includes all personal property (not real estate). If the estate includes income-producing real estate or other special assets, the court may increase the bond amount accordingly.
Yes, in some cases. If the deceased person's will explicitly waives the bond requirement, the executor may not need to post a bond (this is common when the testator trusts their chosen executor). The bond is also automatically waived for corporate fiduciaries qualified under the Corporate Fiduciary Act. However, for intestate estates (no will), the bond requirement cannot be waived. Additionally, estates under $100,000 in personal property with no real estate may use the Small Estate Affidavit process and avoid formal probate entirely, eliminating the bond requirement.
Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.