Florida Probate Bond Requirements: When Bonds Are Required and How to Get One

A Florida probate bond protects beneficiaries and creditors if the personal representative (executor) mishandles estate assets. Think of it as insurance. If the personal representative steals funds, makes bad investment decisions, or ignores their duties, the bonding company pays for the damages. Florida Statutes Section 733.402 spells out when a bond is required and when you can skip it.

This guide covers Florida's bond requirements, how to get a bond, what it costs, and how to avoid needing one.

What Is a Probate Bond?

A probate bond (also called a fiduciary bond or executor bond) is a surety bond. It guarantees the personal representative will do their job correctly. Three parties are involved:

1. Principal: The personal representative who buys the bond
2. Surety: The bonding company that issues the bond
3. Obligee: The court and estate beneficiaries the bond protects

If the personal representative breaches their duties and causes financial harm, beneficiaries can file a claim against the bond.

How the Bond Works

When Everything Goes Right:

• The personal representative administers the estate properly
• No one files a claim
• The bond expires when the estate closes
• The personal representative pays annual premiums (these are non-refundable)

When Something Goes Wrong:

• The personal representative mismanages or steals assets
• A beneficiary files a claim against the bond
• The surety company investigates
• If the claim is valid, the surety pays damages up to the bond amount
• The surety then seeks repayment from the personal representative

When Is Bond Required in Florida?

Default Rule: Bond Is Required

Under Florida law, personal representatives must post bond unless an exception applies. The court sets the bond amount based on:

• The value of personal property in the estate
• Estimated annual income the estate will generate
• Other factors the court finds relevant

Bond Amount Formula

Florida Statutes Section 733.402 provides guidance on calculating the bond amount:

• The bond typically equals the value of personal property
• Plus one year's estimated income
• The court can adjust this amount based on circumstances

Quick example:

• Personal property value: $200,000
• Estimated annual income: $10,000
• Bond amount: $210,000

When Is Bond Waived?

You do NOT need a bond when:

1. The Will Waives Bond

If the will says no bond is required, the court usually honors this:

"I direct that my personal representative serve without bond."

Most estate planning attorneys include this language in the wills they prepare.

2. All Beneficiaries Waive Bond

If every interested person (beneficiaries and heirs) agrees in writing to waive the bond, the court can drop the requirement.

What you need:

• A written waiver from each beneficiary
• All beneficiaries must be competent adults
• No beneficiary can object

3. Personal Representative Is Sole Beneficiary

If the personal representative is the only person entitled to estate assets, a bond serves no purpose and gets waived.

4. Corporate Fiduciary

Banks and trust companies serving as personal representative do not need to post bond. They already answer to regulatory oversight.

5. Court Discretion

The court can waive bond in other situations if it decides beneficiaries do not need protection.

How to Obtain a Probate Bond

Step 1: Determine Bond Amount

Before applying, find out how much bond you need:

• Check the court order
• Calculate based on estate value if the order does not specify
• Ask the probate attorney

Step 2: Find a Surety Company

Surety bonds come from:

• Insurance companies with surety divisions
• Specialty surety bond companies
• Insurance agents and brokers

Some probate attorneys work with bonding companies and can help speed things along.

Step 3: Complete Application

The bonding company will ask for:

• Personal information (name, address, SSN)
• Financial information (income, assets, debts)
• Credit check authorization
• Information about the estate
• Court case number

Step 4: Underwriting Review

The surety evaluates risk based on:

• The personal representative's credit history
• Financial stability
• Experience with estates
• Size and complexity of the estate

Step 5: Pay Premium and Receive Bond

Once approved:

• Pay the premium (usually annual)
• Get the bond document
• File the bond with the probate court

Step 6: File with Court

You must file the bond with the Clerk of Court before receiving Letters of Administration.

Bond Costs

Premium Rates

Probate bond premiums typically run:

• 0.5% to 1% of the bond amount per year
• Rates vary based on the personal representative's credit score
• Most companies charge a minimum premium (usually $100-250)

What You Can Expect to Pay

Who Pays for the Bond?

The estate pays the bond premium as an administration expense. The personal representative does not pay out of pocket (unless they choose to).

Renewal

Bonds typically need annual renewal (and premium payment) until the estate closes and the court discharges the personal representative.

Problems Obtaining a Bond

Credit Issues

Poor credit can make bonding difficult or expensive:

• Higher premiums
• Collateral requirements
• Possible denial

What you can do:

• Ask beneficiaries to waive bond
• Bring in a co-personal representative with better credit
• Offer collateral to the surety
• Find a surety that specializes in difficult cases

Large Estates

Very large bonds can be hard to get:

• Not all sureties write large bonds
• You may need to provide collateral
• Expect higher premiums

Non-Resident Personal Representatives

Out-of-state personal representatives may face extra scrutiny or requirements.

Reducing or Eliminating Bond

Request Bond Waiver

If the will did not waive bond, you can still ask for a waiver by:

• Getting written consent from all beneficiaries
• Filing a petition asking the court to waive bond
• Showing why bond is unnecessary

Request Bond Reduction

If the initial bond amount seems too high:

• Petition the court to reduce the bond
• Show that estate assets are lower than first estimated
• Explain why less bond is needed

Deposit Assets in Lieu of Bond

Instead of a surety bond, the court may allow:

• Depositing estate assets with the court
• Restricted bank accounts that need court approval for withdrawals
• Other security arrangements

Bond Claims and Releases

When Claims Happen

Bond claims typically come from:

• Theft or misappropriation of estate assets
• Negligent management causing losses
• Failure to properly account for assets
• Improper distributions
• Breach of fiduciary duty

The Claim Process

1. The injured beneficiary files a claim with the surety
2. The surety investigates
3. If valid, the surety pays damages (up to the bond amount)
4. The surety seeks repayment from the personal representative

Bond Release

When the estate closes:

• The personal representative petitions for discharge
• The court reviews the accounting and administration
• If approved, the court issues a discharge order
• The bond is released
• Premiums paid are not refunded

Frequently Asked Questions

Is bond always required in Florida?

No. Bond can be waived if the will waives it, all beneficiaries consent, the personal representative is the sole beneficiary, or the court decides to waive it.

Who sets the bond amount?

The court sets the bond amount based on estate value and anticipated income. The personal representative or attorney can request a specific amount.

Can I serve as personal representative if I cannot get a bond?

If bond is required and you cannot obtain it, you cannot serve. Consider asking beneficiaries to waive bond, finding a co-representative, or having someone else serve.

Is the bond premium refundable?

No. Premiums are earned when paid and are not refunded, even if the estate closes early.

What happens if I breach my duties?

Beneficiaries can file a claim against the bond. If the claim is valid, the surety pays damages and then seeks repayment from you personally.

Does bond protect the personal representative?

No. Bond protects beneficiaries and creditors FROM the personal representative. It does not protect the personal representative from liability.

Can bond be increased during administration?

Yes. If the court discovers that estate assets are larger than originally estimated, it can require an increased bond.

What if I cannot afford the bond premium?

The premium comes from estate assets, not your personal funds. You may need to pay the premium upfront and then reimburse yourself from the estate.

Related Florida Guides

• Letters of Administration Florida
• Florida Executor Duties
• Florida Probate Guide
• Formal Administration in Florida
• Florida Probate Accounting

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Last Updated: January 2026. This guide provides general information about Florida probate bond requirements. Consult with a Florida probate attorney for advice specific to your situation.