If you’ve been appointed as the personal representative (executor) of a Florida estate, the probate court may have ordered you to post a probate bond — sometimes called a fiduciary bond, executor bond, or administrator bond. These bonds catch many first-time personal representatives off-guard, partly because the requirement isn’t always clear until the court order arrives, and partly because the underwriting is more involved than typical license-and-permit bonds. Here’s how Florida probate bonds actually work.
What a probate bond actually does
A Florida probate bond is a financial guarantee that you, as personal representative, will administer the estate according to Florida probate law and the terms of the will (if one exists). If you mismanage estate assets, fail to pay creditors properly, or breach your fiduciary duty in some other way, the heirs or creditors can file a claim against your bond, and the surety company will pay valid claims up to the bond limit. The surety then comes after you personally to recover what they paid.
When is a bond required?
Florida law (Section 733.402, F.S.) generally requires a personal representative to post a bond unless the bond is specifically waived. A bond is most often waived when:
• The will explicitly waives the bond requirement;
• All beneficiaries waive the bond requirement in writing;
• The personal representative is a Florida-licensed bank or trust company;
• The court determines a bond isn’t necessary for asset protection.
When none of those apply — most commonly when the decedent died intestate (no will), or when the will is silent on bonding and not all heirs agree to waive — the court will require a bond, typically set at the value of the personal property in the estate plus 1–2 years of expected income.
What probate bonds cost
Pricing depends on the bond amount and the personal representative’s qualifications:
• Under $50,000 bond: typically 0.5–1% of bond amount per year for credit-qualified applicants. A $50,000 bond runs roughly $250–500/year.
• $50,000–250,000 bond: typically 0.5–0.75% per year. A $200,000 bond runs roughly $1,000–1,500/year.
• $250,000+ bond: typically 0.4–0.6% per year, with more underwriting required including personal financial statements.
The bond stays in force until the estate is closed, which in Florida typically takes 9–18 months. Premium is usually paid annually until estate closure.
What underwriters look at
Probate bond underwriting is heavier than license bond underwriting. Surety companies typically review:
• Personal credit (typically requires 650+ FICO for standard pricing)
• The value and complexity of the estate
• Whether you’re a Florida resident or out-of-state
• Whether the estate has business interests, real estate, or complex assets
• Your relationship to the decedent (children of decedent typically easier than non-family appointees)
• Whether contests or disputes are anticipated
Out-of-state personal representatives sometimes face higher pricing or collateral requirements. Personal representatives with credit challenges may need to provide collateral (bank letter of credit, cash deposit) for larger bonds.
The Florida-specific issues
Florida’s homestead law and elective share rules add complexity that surety underwriters know to look for. If the estate includes the decedent’s homestead, complex spousal claims, or out-of-state heirs disputing the appointment, expect underwriting to take longer and ask more questions. Most uncontested Florida probate bonds can be issued in 3–7 business days; contested or complex cases can take 2–3 weeks.
If you’ve been court-ordered to post a Florida probate bond, contact Nymble. We’ll work with our surety carrier panel to place the bond at competitive pricing and walk through any underwriting requirements specific to your case.