What to do after you are named executor of an estate?
Maryland’s Attorneys trust Huff Insurance to handle the probate bonding needs of their clients.
We can have your bond ready for you in about 15 minutes in most cases.
A loved one passing away can be a very traumatic event for those left to handle the estate. Each county in Maryland has a Register of Wills office and the staff is usually very helpful in assisting you with your questions or concerns. Also, there are many attorneys that offer estate and probate services. Depending on the size of the estate you may not want to handle this alone. I’m Nancy Nicklow, president of Huff Insurance, and after my parents passed away, dealing with their estate was a very tedious and time consuming task. I would not have been able to do this alone without an attorney. Here is a blog I published that goes over several items that you may need to pay attention to. Nancy’s Blog on Handling an Estate.
One of the first things that you need is to become the administrator of the estate is to get a bond. Even if the probate bond is not required by the terms of the will many counties will still require you to get a nominal bond or a small bond of personal representative for $25,000 amount. Huff insurance can work directly with the personal representative or with your attorney to handle on getting the bond issued. Bond premiums for estate and probate bonds can be as low as $100.
What is the purpose of the bond? The nominal bond is used by the counties to ensure that the estate taxes are paid by the estate of the deceased to the State of Maryland. The personal representatives’ primary duty is to ensure that all of the debts are paid and that the assets of the deceased are distributed as per the will. Depending on the amount of bond require the personal financials of the personal representative to be reviewed and approved by the insurance carrier before a bond will be issued.
The personal representative agrees that they will be held personally and financially liable if the bonding company pays the county the estate taxes due they will then file legal actions against the personal representative to collect what they have previously paid.
What is the difference of a nominal bond and a bond of personal representative? Depending on the county that the estate is being opened in, they may require one or the other of the bond. A nominal bond is more restrictive and the State of Maryland is the only one that can file a claim with the bonding company. A bond of personal representative allows for a few more entities or persons to bring a claim against the estate so your attorney could file a claim if their fees were not paid as well.
If there is a house in the estate, and it is vacant for more than 30 days, there could be dangerous gaps in the home insurance policy that is probably in force. We also have a great Vacant Property Insurance policy that can help fill these gaps
Huff Insurance specializes in writing all forms of probate bonds. We can help you with all of your bonding needs either fill out a quote request form on this page or contact us today at 410-647-1111.