Minnesota Statutes 524 – the State of Minnesota Uniform Probate Code – governs the appointment of fiduciaries in probate court and the rules regarding the setting of probate bonds. Probate bonds guarantee the faithful performance of persons appointed in probate court to serve in a capacity in which they are responsible for the disposition of estate assets or the preservation of a person’s finances. The bonds guarantee that the fiduciary will also file the requisite annual reports and accountings with the court. These bonds are established by the court, and since they do not contain a cancellation clause, can only be cancelled by a subsequent court order.
Types of probate bonds include:
- Personal Representative
- Special Administrator
- Conservator of Incompetent
- Conservator of Minor
- Special Needs Trust trustee
- Supplemental Needs Trust trustee
- Power of Attorney
Newton Bonding specializes in the underwriting and issuance of probate court bonds. We have the ability to write probate bonds throughout the United States, and have unique relationships with our sureties that give us the authority to issue bonds quickly. Additionally, we have arrangements with our sureties that allow us to write bonds where other sureties cannot or will not, utilizing joint control of the assets, collateral, or co-signature guarantees.