A personal representative bond in Michigan carries a lot of weight with a minimal cost. Think of it as the surety bond that treads lightly but carries a big stick. Personal representative bonds protect the deceased’s assets and heirs fully. Should the administrator misuse funds or cause damage to the estate, the personal representative bond is there to set things right again.
One of the main reasons Michigan statute mandates personal representative bonds is to protect the heirs of an estate, especially those under the age of 18. In the unfortunate event that a child’s parents are both killed, a personal representative may be named to oversee the estate. This person, sometimes the closest living relative, has a duty to settle the estate in the best interest of all parties and to not cause undue burden.
The job of a personal representative isn’t always the easiest. When children are involved the situation is even more delicate. When probate attorneys consult personal representatives they stress the responsibility and importance of the role they will play on top of notifying and keeping track of all the heirs, there is the matter of taxes to deal with, and settling debts. Having a surety bond is how the personal representative can protect the heirs, the estate and all beneficiaries.
On average, the cost of a personal representative bond in Michigan is reasonable. At Jurisco the bond cost is a small percentage of the overall bond amount. The amount is calculated to cover the value of the estate. When you contact Jurisco we can discuss your case to determine the actual personal representative bond cost.