A Illinois probate court has appointed someone to administer a decedent's estate. The probate bond is the financial guarantee — that the fiduciary will inventory, value, manage, account, and distribute the estate faithfully under 755 ILCS 5/12-1 et seq.. We write Illinois probate bonds in every circuit court in the state, on standard and non-standard underwriting terms, including the family-member fiduciary placements that other carriers decline.
Illinois operates under its own probate code, distinct from the Uniform Probate Code. Executors and administrators bond under 755 ILCS 5/12-1 et seq.. The general rule is that bond is required for administrators (intestate) and for executors unless the will waives the bond requirement.
Executor or administrator bond at 1.5x personal estate; waivable by will only for executor named therein.
The fiduciary in Illinois — call them executor, administrator, or personal representative depending on the source of authority — holds the entire estate in trust for the heirs and creditors. They are obligated to inventory the estate, value it accurately, pay valid creditor claims, account periodically to the Circuit Court, and distribute the remainder according to the will or the Illinois intestacy statute. The duty is the highest known to Illinois law.
The bond is the financial guarantee. If the fiduciary defaults — misappropriates, mismanages, fails to account, distributes improperly — the bond pays the heirs and creditors up to the bond limit. The fiduciary owes the surety reimbursement under indemnity. The bond does not insure ordinary investment loss; a prudent fiduciary who loses money in a market downturn has not breached duty.
Illinois probate practice is governed by 755 ILCS 5/12-1 et seq.. Bond requirements, the procedure for furnishing surety, the bond's term and conditions, and the consequences of fiduciary breach are all codified.
Illinois probate bond underwriting follows our three-tier program.
Standard placement: corporate fiduciaries, professional fiduciaries (attorneys and CPAs serving as executors), and individual fiduciaries with strong credit and conventional financial position. Uncollateralized, low premium, same-day to next-business-day issuance.
Tier-two: individual family-member fiduciaries with thin credit, estates with material real estate or business interests requiring careful valuation, larger estates over $5M. Premium adjusted; possibly partial collateral; one to three business day turnaround.
Non-standard: credit-challenged fiduciaries, prior bond defaults, contested family situations. Placeable in our non-standard fiduciary program. We write the placements other carriers decline.
Three documents start the file: the appointing letters from Circuit Court, an inventory of estate assets, and a personal financial statement for the fiduciary. Premium is reimbursable from estate funds as a recognized administration expense.
Send the appointing letters and an inventory of estate assets. Our underwriters open the file the same business day.