function calculateProbateBond() {
var estateValueInput = document.getElementById("estateValue");
var creditScoreInput = document.getElementById("applicantCreditScore");
var resultDiv = document.getElementById("bondResult");
var errorDiv = document.getElementById("errorMessage");
var estateValue = parseFloat(estateValueInput.value);
var creditScore = parseInt(creditScoreInput.value);
// Reset displays
resultDiv.style.display = "none";
errorDiv.style.display = "none";
errorDiv.innerHTML = "";
// Input Validation
if (isNaN(estateValue) || estateValue <= 0) {
errorDiv.innerHTML = "Please enter a valid positive total estate value.";
errorDiv.style.display = "block";
return;
}
if (isNaN(creditScore) || creditScore 850) {
errorDiv.innerHTML = "Please enter a valid credit score between 300 and 850.";
errorDiv.style.display = "block";
return;
}
// Determine the required bond amount.
// Note: Courts typically require the bond to cover the full value of the estate's non-real property assets.
// Some courts require 1.5x or 2x the value. We will use 1x as a baseline estimate.
var requiredBondAmount = estateValue;
// Determine Premium Rate based on credit score tiers
// These are estimated industry standard tiers for surety underwriting.
var premiumRate;
var rateDescription;
if (creditScore >= 700) {
premiumRate = 0.0075; // 0.75% for excellent credit
rateDescription = "Excellent Credit Tier (~0.75%)";
} else if (creditScore >= 650) {
premiumRate = 0.015; // 1.5% for good credit
rateDescription = "Good Credit Tier (~1.5%)";
} else if (creditScore >= 600) {
premiumRate = 0.03; // 3% for fair credit
rateDescription = "Fair Credit Tier (~3%)";
} else {
premiumRate = 0.05; // 5% for poor credit (higher risk)
rateDescription = "Higher Risk Tier (~5%+)";
}
// Calculate estimated premium (cost)
var estimatedPremium = requiredBondAmount * premiumRate;
// Minimum premium check (bonds rarely cost less than $100 regardless of calculation)
if (estimatedPremium < 100) {
estimatedPremium = 100;
}
// Formatting results to currency
var formattedBondAmount = new Intl.NumberFormat('en-US', { style: 'currency', currency: 'USD', maximumFractionDigits: 0 }).format(requiredBondAmount);
var formattedPremium = new Intl.NumberFormat('en-US', { style: 'currency', currency: 'USD', minimumFractionDigits: 2 }).format(estimatedPremium);
// Display Results
resultDiv.innerHTML =
"
Estimated Bond Costs
" +
"
Based on an Estate Value of " + formattedBondAmount + "
" +
"*Note: This is an estimate. Final premiums are determined by the surety underwriter and the specific bond amount required by the probate court.";
resultDiv.style.display = "block";
}
Understanding Probate Bonds and Their Costs
When a person passes away, their estate usually goes through a legal process known as probate. The court appoints an executor (if named in a will) or an administrator (if there is no will) to manage the estate's assets, pay debts, and distribute the remaining property to beneficiaries. To ensure this person fulfills their duties honestly and faithfully, the court often requires a probate bond.
Also known as a fiduciary bond or executor bond, a probate bond is a type of surety bond. It acts as a financial guarantee that protects the estate's beneficiaries and creditors from any losses caused by the executor's fraud, negligence, or mismanagement of assets.
How is the Probate Bond Amount Determined?
The total amount of the bond—the maximum coverage it provides—is typically set by the probate court judge. Generally, the bond amount is equal to the total estimated value of the estate's assets that the executor will be handling. This usually includes liquid assets like bank accounts, stocks, and personal property, but may sometimes exclude real estate if the court restricts the executor from selling it without further order.
For example, if an estate consists of $250,000 in various financial accounts and personal property, the court will likely require a $250,000 probate bond.
How Much Does a Probate Bond Cost?
The executor does not pay the full bond amount. Instead, they pay an annual premium to a surety company to issue the bond. The cost of this premium is a percentage of the total required bond amount. The primary factor influencing this percentage is the applicant's personal credit score.
Because a probate bond is a form of credit whereby the surety company agrees to cover financial losses, underwriting is based on financial stability.
Excellent Credit (700+ FICO): Applicants usually qualify for the lowest rates, often between 0.5% and 1% of the bond amount annually.
Good/Fair Credit (600-699 FICO): Rates typically range from 1.5% to 3% of the bond amount.
Poor Credit (Below 600 FICO): Applicants are considered higher risk. Premiums may exceed 5% of the bond amount, and the surety might require collateral or co-signers to issue the bond.
Using the Calculator
Our Probate Bond Cost Estimator helps you determine the potential annual premium for a required bond. Simply enter the total estimated value of the estate assets and the executor's current credit score. The calculator uses standard industry underwriting tiers to provide an estimated premium cost.
Please note that this tool provides an estimate. The final required bond amount is determined solely by the court, and the final premium rate is determined by the surety company's underwriter based on a full application review.