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Can a surety bond be refunded or prorated if the estate admin attained it for only a few weeks and is no longer the estate admin

Royalton, IL |

I am the Successor Administrator of my Great-Aunts estate. I am also one of the four beneficiaries. The previous Admin purchased a $16,000 surety bond in the state of Illinois with the estate's checking account on 4-19-13. She then resigned on 5-15-13. I am from California and the surety bond company could not place me on that bond due to my out of state residency. The bond company will not refund or prorate the purchased bond. Is there something else I can do to get some kind of reimbursement?

Attorney Answers 3

Posted

Probably not. Normally the premium for the first year of a bond is not proratable. Second and subsequent years are different; however, that is not your situation.

Sorry, but fortunately the premium likely isn't all that large, relatively speaking.

Best wishes!

Legal Disclaimer: Paul A. Smolinski is licensed to practice law in the State of Illinois only, and as such, his answers to AVVO inquiries are based on his understanding of Illinois law only. His answers are for general information about perceived legal issues within this question only and no response to any posted inquiry should be deemed to extend any right of confidentiality between you and Mr. Smolinski, to constitute legal advice, or create an attorney/client or other contractual relationship. An attorney/client relationship is formed only by specific agreement including an evaluation of the specific legal problem and review of all the facts and documents at issue. We try to insure the accuracy of this information, but we cannot guarantee its accuracy. The reader should never assume that this information applies to his or her specific situation or constitutes legal advice. Therefore, please consult competent counsel that practices in the subject area in your jurisdiction and who is familiar with your specific facts and all of the circumstances.

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Posted

Thank you for the info. Was the estate responsible for that surety bond fee?

Posted

It is unlikely you will be able to get a refund of the one year surety bond. However, since you are out of state, ask the estate attorney or the estate if you can secure an instate agent for you. I seem to recall doing that a number of years ago but cannot recall the client or locate my file.

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Posted

Thank you Judy. The estate lawyer did an Oath and Bond of Representative- Individual Surety for me and an Affidavit Of Surety for my sister and my husband. This is equal to the surety bond the previous admin of the estate held? Not sure what this all means?

Judy A. Goldstein

Judy A. Goldstein

Posted

The Oath and Bond are different documents and do not take the place of the surety. You either have an Oath and Bod with or without surety. Obviously a surety was required, probably because there is real estate. Rely on the estate attorney to answer your questions, all of which are excellent. You need to understand what is going on and what your role is in this process.

Posted

I agree with my colleagues. Unfortunately the bond is not refundable.

Please note that I am answering this question as a service through Avvo but not as your attorney and no attorney-client relationship is established by this posting. An attorney-client relationship can only be established through signing a Fee Agreement and paying the necessary advanced fees.

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