Unless otherwise waived by a court, a Kansas probate bond is required where an executor or administrator has been appointed and granted letters of administration. Pursuant to Kansas statute 59-1101, every fiduciary before entering upon the duties of his or her trust shall execute and file a bond with sufficient sureties, in such amount as the court directs. The Kansas administrator bond must be written in an amount no less than 125 percent of the value of the personal property and the probable annual income from real estate which shall come into his or her possession, conditioned upon the faithful discharge of all the duties of the trust according to law. A Kansas probate bond must run to the State, be subject to the approval of the district court and shall not be approved until the court is fully satisfied as to the sufficiency of the sureties. In case of breach of any condition of the bond an action on the bond may be prosecuted in the name and for the benefit of any person interested. Pursuant to 59-1104 a bond required for a fiduciary under the provisions of K.S.A. 59-1101 may be excused: 1.) When the will or trust agreement expressly waives a bond of an executor, conservator or trustee; or, 2.) when all of the known heirs if no will has been probated, or all the devisees and legatees under a will which does not waive a bond file with the court a written waiver of a Kansas administrator bond, or 3.) by a duly appointed conservator, guardian ad litem or named trustee on behalf of his or her conservatee or cestui que trust or ward unless the conservator or trustee is the fiduciary, 4.) when the fiduciary is a bank having trust authority or a trust company organized and having its principal place of business within the state of Kansas. Despite the “possible” waivers, on the application of any interested party, or on its own motion the court may at any time require a Kansas probate bond. Pursuant to 59-1106, the court, on its own motion or upon application of any interested person may require a fiduciary to file additional bond and whenever the court shall find the bond of a fiduciary is larger than necessary, it may reduce the liability of the same. The cour may also by like order, cancel any Kansas administrator bond found to be unnecessary. Unlike most other state probate bond laws, in Kansas a surety may motion the court to require a fiduciary to settle his or her account and file a new bond (59-1107). This effectively gives surety a “cancellation provision”.
Kansas probate bond leader, Surety One, Inc. is one of the largest fiduciary bond underwriters in the nation. Our underwriting solutions provide you the Kansas fiduciary bond that you need. We can offer you probate bond terms no matter what your credit and financial condition may be. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for a Kansas probate bond application, or information about any Kansas administrator bond need.
