What is a Surety Bond in Probate Administration? - Florida
The Short Answer
In Florida probate, a surety bond is a financial guarantee that the personal representative (executor) will properly handle estate assets and follow the law. If the personal representative mismanages or wrongfully takes estate property, the bond can provide a source of recovery for the estate and interested persons.
What Florida Law Says
Florida generally requires a personal representative to post a bond when they are appointed, unless the requirement is waived. The bond is meant to protect beneficiaries and creditors by ensuring there is a backstop if the personal representative fails to perform their duties or causes financial harm to the estate.
The Statute
The primary law governing this issue is Fla. Stat. § 733.402.
This statute establishes that, unless waived by the will or by the court, a personal representative must execute and file a bond with surety, and it also allows the court to waive, require, increase, or decrease the bond based on the circumstances.
Florida law also gives the court discretion over the bond amount. Under Fla. Stat. § 733.403, the court sets the bond in an amount it deems sufficient after considering factors like the gross value of the estate, the nature of the assets, and known creditors.
Why You Should Speak with an Attorney
While the statute provides the general rule, applying it to your specific situation is rarely simple. Legal outcomes often depend on:
- Strict Deadlines: Bond issues often come up early in the case—at the time letters of administration are sought—and delays or objections can slow down the entire probate administration.
- Burden of Proof: If someone asks the court to require a bond (or increase it), they may need to show specific risk factors (for example, concerns about asset handling, family conflict, or the type of assets involved).
- Exceptions: The will may waive bond, certain fiduciaries (such as qualifying banks and trust companies) may not be subject to the same requirement, and the court can still order a bond even when a waiver is requested under certain circumstances. See Fla. Stat. § 733.402.
Bond disputes can quickly turn into contested probate litigation, and mistakes can expose a personal representative to personal liability. An attorney can evaluate whether a bond should be required or waived, argue for an appropriate bond amount, and help keep the administration on track.
Related reading: What Are an Executor’s (Personal Representative’s) Responsibilities During Probate in Florida?
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Disclaimer: This article provides general information under Florida law and does not create an attorney-client relationship. Laws change frequently. For legal advice specific to your situation, please consult with a licensed attorney.