Florida Probate Bonds for Personal Representatives and Guardians

When a bond is required, and who decides

Florida probate bonds come from the Probate Code, Chapter 733, Administration of Estates. Unless the will or the court waives it, every fiduciary to whom letters are granted must sign and file a bond with surety, which the clerk accepts. The bond is payable to the Governor and is conditioned on performing all of the personal representative's duties according to law. On a petition by any interested person, or on its own motion, the court may waive the bond, require a bond, increase or decrease it, or require additional surety. Guardians of the property follow Chapter 744, Guardianship, and must file their bond with surety before exercising their authority as guardian. This page is general information, not legal advice; the court and a probate attorney have the final word on your situation.

How much a Florida probate bond costs, and how the amount is set

There is no flat amount and no formula. For a personal representative, all bonds required by this part are set in the penal sum the court deems sufficient after considering the gross value of the estate, the relationship of the personal representative to the beneficiaries, exempt property and any family allowance, the type and nature of the assets, known creditors, and liens and encumbrances on the assets. For a guardian of the property, the court fixes the penal sum, and it must be in an amount not less than the ward's cash on hand and on deposit that the guardian controls, plus bearer notes and bonds, plus other intangible personal property whose market value can readily be fixed and that can readily be traded for cash. That figure is a floor, not a cap, and the court fixes the final amount. The reasonable premium on a required bond is paid as an expense of administration. What you pay is a small share of the bond amount, set by the surety from your credit and the estate's details.

Changing, releasing, and enforcing the bond

The bond is not fixed forever. For a personal representative, any interested person may petition to release the surety from liability for the fiduciary's future acts and omissions. After a hearing on that petition, the court must order a new bond and set the date to file it, and the original surety stays liable under its original bond for acts and omissions that occur before the new surety and new bond are accepted and filed. If the fiduciary fails to give the new bond, the fiduciary is removed at once. For a guardian's bond, the court may, for good cause, require a bond, increase or reduce it, or change or release the surety. A personal representative is liable to interested persons for damage or loss resulting from a breach of duty. None of the statute sections reviewed for this page describes how a claim is brought against the surety itself, so ask a probate attorney about that step. A surety for a personal representative or curator is not charged beyond the value of the estate's assets because of an omission or mistake in pleading, or a false pleading, by the personal representative or curator. When the personal representative is finally discharged, the discharge releases the personal representative and bars any action against the surety.

Steps

1. Court appoints you. The Florida circuit court has jurisdiction over the settlement of estates, letters testamentary, and guardianship.
2. The court decides on a bond. On petition or its own motion, the court may waive, require, increase, or decrease the bond, and sets the penal sum it deems sufficient after the listed factors.
3. Arrange your surety. Choose one of the three forms allowed by section 45.011: two personal sureties, a licensed surety company, or a cash deposit.
4. File the bond with the clerk. Every fiduciary to whom letters are granted files a bond with surety that the clerk accepts; the statute does not state whether letters wait until the bond is on file, so ask the clerk or your attorney about the order.
5. Guardians: file before acting. A guardian of the property files the bond, and takes the oath to faithfully perform the duties, before exercising authority as guardian.
6. Administer, and adjust if needed. The court can later increase or decrease the bond or require additional surety; for a personal representative, an interested person can petition to release the surety, and the court then must order a new bond; for a guardian, the court can change or release the surety for good cause.
7. Discharge. Final discharge of the personal representative releases the personal representative and bars any action against the surety.

Sources

• Florida Statutes § 733.402 (bond required; Governor; corporate fiduciary exemption; court waiver; Chapter 733)
• Florida Statutes § 733.403 (penal sum; factors)
• Florida Statutes § 45.011 (bond with surety; three forms)
• Florida Statutes § 733.404 (surety not charged beyond estate assets)
• Florida Statutes § 733.405 (release of surety; new bond; removal)
• Florida Statutes § 733.406 (premium as expense of administration)
• Florida Statutes § 733.501 (curators)
• Florida Statutes § 733.609 (liability for breach of duty)
• Florida Statutes § 733.901 (discharge; bars action against surety)
• Florida Statutes § 733.304 (nonresident personal representatives)
• Florida Statutes § 733.3101 (personal representative not qualified)
• Florida Statutes § 744.351 (guardian of the property bond)
• Florida Statutes § 744.347 (guardian oath)
• Florida Statutes § 26.012 (circuit court jurisdiction)

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