Do you need a Judicial Bond or a Probate Bond? Both bonds protect individuals who are involved in legal proceedings, and both can be ordered by the courts.
Aside from those general similarities, Judicial and Probate Bonds are quite different. Here's how to tell which one you need.
Judicial Vs Probate Bonds
Put simply, court bond is a general umbrella term used for all surety bonds that are needed by individuals when they are involved in pursuing an action through a court of law. Court bonds can be divided into two main categories: judicial and probate.
The main difference between the two is that a Judicial Bond promises payment of a sum of money that would be required in a court case, while a Fiduciary Bond only promises faithful and honest performance of a duty.
By nature, Judicial Bonds are more hazardous than Fiduciary Bonds and usually require collateral in the amount of the bond.
Definition of Judicial Vs Probate
Judicial Bonds (also known as Litigation Bonds) are used when entering into a civil proceeding. The purpose of Judicial Bond is to ensure you can pay the costs in relation to the legal action.
Common types of Judicial Bonds include:
- Bail Bonds
- Appeal Bonds
- Counter-Replevin Bonds
- Attachment Bonds
- Indemnity to Sheriff Bonds
- Injunction Bonds
- Replevin Bonds
Probate Bonds (also known as Fiduciary Bonds) are required of individuals who have been appointed in a court of law to care for another individual or another individual’s assets. These bonds promise faithful performance of duties as stated by the court.
Common Probate Bonds include:
- Administrator Bonds
- Personal Representative Bonds
- Executor Bonds
- Guardianship Bonds
- Conservatorship Bonds
- Trustee Bonds
How to get Bonded
Regardless of if you need a Judicial or Probate Bond, you will need to apply for a bond with a surety bond company. To make sure that you are competent and trustworthy, the surety bond company will evaluate you on your personal credit history, character, and moral.
If you are approved for a bond, you will be required to purchase the bond before it can be issued.
You will not need to pay the entire bond amount to get bonded. Instead, you will just pay a portion of the bond amount (called the bond premium).
In some cases, the estate may pay for the Probate Bond. In cases of Judicial Bonds, collateral might be required in addition to the bond premium.
To find out what you would pay for a court bond, get a free quote below.
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You do not get the money back that you pay for a probate bond. Read why here.