The administrator of an estate is required to post a bond in a certain amount to ensure that they carry out all the duties required of them in good faith. The bond provides protection against the possibility of fraud or embezzlement. The form is available in both word and word perfect formats.
Alabama Administrator's Bond
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Description Bond Administration Form
How to fill out Alabama Administrator's Bond?
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FAQ
In Alabama, the estate executor is known as a "personal representative". Executors for Alabama estates are entitled to reasonable compensation of up to 2.5% of assets received, and 2.5% of disbursements.
Ideally, surety bond companies will look for credit scores higher than 670 and an absence of collections, liens, and judgments. If your credit score is under 670, that's usually okay, you will likely just have to pay more for your bond.
To obtain a title for a vehicle with a lost or stolen title in Alabama, the vehicle owner must purchase a 3-year surety bond. The required bond amount depends on the year and type of the vehicle in question. Applicants must obtain a bond form listing the amount from the state before having a bond issued.
An administration bond is a bond that is posted on behalf of an administrator of an estate to provide assurance that they will conduct their duties according to the provisions of the will and/or the legal requirements of the jurisdiction.
The first step to get an Alabama surety bond is to contact a surety bond company. You could also get a surety bond from your local insurance agency, but surety companies often have better rates and options available. Learn about what are the best surety companies. Browse available Alamaba surety bonds.
The amount is typically based on the total estate value the fiduciary will be responsible for. Probate bond premiums are typically calculated at just . 5%, or $5/thousand for the first $250,000 of coverage. This means $100,000 of coverage would cost just $500.
By law, the probate of an estate in Alabama will take at least six months. This period gives creditors and others with a claim on the estate time to receive notice that the estate is being probated and to submit a claim.
Generally, an executor has 12 months from the date of death to distribute the estate. This is known as 'the executor's year'. However, for various reasons the executor may have been delayed and has not distributed the estate within this time frame.
Background Check A criminal history is a red flag for surety companies because it lessens a person's trustworthiness. Drug convictions, acts of violence and theft are all examples of criminal activity that can hurt your chances of getting bonded.
