The amount of fiduciary bond under Florida Statute 733.403 shall be a sum that the Court deems necessary and proper after considering the gross estate value, the personal representative’s relationship to the beneficiaries, the types of assets and any liens and encumbrances on the assets. The bond premium is allowed as a reasonable expense of administration of the estate and can be paid out of the estate proceeds. The surety bond company will advise you of the premium rates. The bigger the amount of bond, the bigger the premium.
A fiduciary bond is usually required in Miami. To obtain the bond, you need to fill out the bond application. If the bond is denied, it is best to look for a Miami estate attorney to find out what to do next. Call the Law Offices of Albert Gurevich at (786) 522-1411.