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?
Elder Law Attorney
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.
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Divorce / Separation Lawyer
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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Family Law Attorney
I agree with my colleagues. Unfortunately the bond is not refundable.
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