A North Carolina probate bond is required of applicants for a fiduciary role in the estate of deceased persons under specific circumstances. An administrator bond (or administratrix), executor bond and probate bond are synonymous within the fiduciary class of business.
N.C.G.S. §28A-8-1 addresses the surety bond and when bonding is required. Where a will exists and the decedent waives the probate bond requirement, none is generally needed regardless of forum. Likewise, an adult resident executor is not statutorily compelled to file a bond. The general statutes also offer waivers under the following conditions:
- A nonresident executor (or a resident executor who moves from this State subsequent to that executor’s appointment) who has appointed a resident agent to accept service of process as provided in G.S. 28A-4-2(a) [28A-4-2(4)], when the express terms of the will excuse a nonresident executor from giving bond.
- A nonresident executor, when there is a resident executor named who has qualified as coexecutor unless the express terms of the will require them to give bond, or the clerk of superior court finds that such bond is necessary for the protection of the estate.
- A personal representative appointed solely for the purpose of bringing an action for the wrongful death of the deceased until such time as the personal representative shall receive property into the estate of the deceased.
- A personal representative that is a trust institution licensed under G.S. 53-159.
- A personal representative of an intestate who resides in the State of North Carolina when all of the heirs of the decedent are over 18 years of age and file with the clerk of superior court a written waiver instrument agreeing to relieve the personal representative from the necessity of giving bond.
- A personal representative where the personal representative receives all the property of the decedent.
- An administrator with the will annexed who resides in the State of North Carolina when all of the devisees of the decedent are over 18 years of age and file with the clerk of superior court a written waiver instrument agreeing to
- relieve the administrator with the will annexed of the necessity of giving bond.
§ 28A-8-2 of N.C.G.S. defines the North Carolina probate bond form and content. The personal representative bond guarantees the faithful execution of the trust reposed in the personal representative and compliance with all lawful
orders of the clerk of superior court or other court holding subject matter and territorial jurisdiction. The North Carolina fiduciary bond must be issued in an amount of no less than one and one-fourth times the value of all personal property of the decedent when the bond is issued by a corporate surety company authorized by the Commissioner of Insurance provided that the clerk of superior court, when the value of the personal property exceeds one hundred thousand dollars ($100,000) may accept a bond in an amount equal to the value of the personal property plus ten percent (10%). Alternatively the North Carolina personal representative bond must be no less than double the value of all personal property of the decedent after values is ascertained by the clerk of superior court by examination on oath of the applicant or professional appraiser. The clerk of superior court has the right to modify the fiduciary bond conditions.
Underwriting of probate bonds requires review by a surety specialist with knowledge about probate law in the jurisdiction where the bond will be filed and experience with fiduciary obligations generally. Surety bond leader, Surety One, Inc., specializes in fiduciary bonds. We offer probate bonds in all fifty states, Puerto Rico, Canada and U.S. Virgin Islands. Application submissions are reviewed and quoted on the same day as they are received. We are the MOST RESPONSIVE surety bond underwriter in the business. Call (800) 373-2804 or email us at Underwriting@SuretyOne.com to discuss a North Carolina probate bond or any fiduciary bond need.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.