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PROBATE BOND REQUIREMENTS

A probate bond (also called a fiduciary or executor bond) is usually required by the court to ensure the executor or administrator faithfully performs their duties.

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The bond amount is based on the total value of the estate’s assets—typically the gross value, not net after debts.

Estate Value Estimated Bond Required
$1,000,000 ~$10,000 to $15,000
$2,000,000 ~$20,000 to $30,000
$3,000,000 ~$30,000 to $45,000
$4,000,000 ~$40,000 to $60,000
$5,000,000 ~$50,000 to $75,000
$6,000,000 ~$60,000 to $90,000
$7,000,000 ~$70,000 to $105,000
$8,000,000 ~$80,000 to $120,000
$9,000,000 ~$90,000 to $135,000
$10,000,000 ~$100,000 to $150,000

Note: This is the bond amount, not the bond premium. The annual premium paid is usually 0.5% to 1% of the bond amount, depending on creditworthiness.

WHO NEEDS THE PROBATE BOND & HOW TO QUALIFY?

The executor (if there is a will) or administrator (no will) must post a bond unless the will explicitly waives it.

Bond Company Requirements:

  • Good personal credit (680+ preferred)
  • Sufficient personal income
  • Minimal debts or liens
  • May require co-signers or collateral in large estates

If the proposed executor/administrator has poor credit or financial issues, the bond company may reject them, and the court may need to appoint a licensed professional fiduciary instead.

THE PROBATE PROCESS IN CALIFORNIA

Here’s a simplified step-by-step:

  1. File Petition for Probate
    File with the Superior Court in the county where the decedent lived.
  2. Court Hearing (6–8 weeks later)
    Court approves the personal representative and sets bond amount.
  3. Post the Bond
    Executor obtains a bond from a surety company and files proof with court.
  4. Letters Issued
    “Letters Testamentary” (with will) or “Letters of Administration” (no will) give legal authority to act.
  5. Notice to Heirs and Creditors
    Required public and mailed notices must be sent.
  6. Inventory & Appraisal
    File a detailed list of all assets with the court.
  7. Pay Debts & Taxes
    Settle all bills, taxes, and claims.
  8. Petition for Final Distribution
    After all debts are paid, file paperwork to distribute remaining assets.
  9. Final Court Approval
    Judge signs off, the estate is closed, and bond is released.

HOW LONG DOES PROBATE TAKE?

Typically 9 months to 18 months, depending on:

  • Court backlog (some counties are slower)
  • Complexity of estate (real estate, businesses, disputes)
  • Tax clearance and creditor claims

Complicated estates can take 2+ years, especially if there is litigation.

ATTORNEY FEES (Statutory in CA)

California uses statutory fee schedules, based on gross estate value (not net):

Estate Value

Statutory Attorney Fee

First $100,000

4% = $4,000

Next $100,000

3% = $3,000

Next $800,000

2% = $16,000

Next $9 million

1%

Over $10 million

Reasonable fee (negotiated)

 Example: $3,000,000 Estate

  • First $100k: 4% = $4,000
  • Next $100k: 3% = $3,000
  • Next $800k: 2% = $16,000
  • Next $2M: 1% = $20,000
    Total: $43,000 attorney fee

The executor is entitled to the same statutory fee, if they take one.

FULL EXAMPLE – $5,000,000 Estate

Facts:
  • John dies with no will.
  • His estate includes 2 homes and investment accounts totaling $5M.
  • His sister Sarah files to become an administrator.
  1. Filing
    Sarah files a Petition for Probate with the Los Angeles Superior Court.
  1. Bond Requirement
  • Court sets bond based on $5M estate.
  • Surety company approves Sarah (good credit).
  • Bond amount: ~$75,000
  • Premium: ~1% = $750/year
  1. Court Hearing
  • Judge approves Sarah as Administrator.
  • Bond is filed, and Letters of Administration issued.
  1. Probate Steps
  • Public and heir notices
  • Inventory filed with Probate Referee
  • Debts paid (e.g., $200K taxes)
  • Assets managed, appraised, possibly sold
  1. Distribution
  • Sarah files final report.
  • Court approvals.
  • Assets distributed to heirs.
  • Bond exonerated (released).
  1. Costs
  • Attorney fee: $63,000 (statutory)
  • Executor fee: Optional (if Sarah claims it)
  • Bond premium: ~$750–$1,500/year

FINAL NOTES

  • Many surety companies specialize in probate bonds.
  • Probate attorneys often assist with bond applications.
  • The bond protects beneficiaries and creditors—if the executor steals or mishandles assets, the bond company pays and goes after the executor personally.

California Insurance License: 0613659
DRE 00667328 | NMLS 298861 | 729817
Notary number 2424124.
Shawn Rabban –Bond & Insurance Broker