Tennessee probate bonds, also called fiduciary or executor bonds, are required by county probate courts. They guarantee that an administrator, executor, or guardian manages the estate properly, pays its debts, and distributes assets lawfully. The court sets the amount, which must be at least the value of the estate and generally cannot exceed double that value. The premium is usually a small percentage of the bond, commonly 0.5% to 10% per year.
| Item | Detail |
|---|---|
| Also called | Fiduciary bond, executor bond |
| Who requires it | County probate court |
| Governing law | Tennessee Code Section 30-1-201 |
| Bond amount | At least the estate value, generally up to double it |
| Premium | 0.5% to 10% per year |
| Example ($10,000 bond) | About $50 to $1,000 per year |
When is a bond required?
Under Tennessee Code Section 30-1-201, personal representatives generally must post a bond unless one of these applies:
- The will explicitly states the executor can serve without bond.
- The personal representative is the sole beneficiary and the court approves.
- All adult beneficiaries provide sworn, written consent to waive the requirement.
- The appointed personal representative is an eligible, bonded corporate entity or bank.
How the bond amount is set
The probate court sets the amount case by case. In Tennessee, the bond must be at least the total value of the estate subject to administration, and it generally cannot exceed double the estate’s value.
How much does it cost?
The premium is usually a small percentage of the bond amount, commonly 0.5% to 10% per year. For example, a $10,000 bond typically costs between $50 and $1,000 per year. The exact rate depends on the applicant’s credit history, whether the estate has legal counsel, and whether there are disputes among beneficiaries.
How to get bonded
- Gather court documents: the order establishing the bond amount, the case number, and the appointment date.
- Apply through a licensed surety bonding agency.
- The agency reviews your credit and application to calculate the premium.
- Once approved and paid, sign the bond with your original ink signature and file it with the Tennessee county probate clerk.
Frequently asked questions
How much is a Tennessee probate bond?
The amount is set by the court, at least the estate’s value and generally up to double it. The premium is commonly 0.5% to 10%, so a $10,000 bond runs about $50 to $1,000 a year.
Can the bond be waived?
Yes. It can be waived if the will allows it, the representative is the sole beneficiary with court approval, all adult beneficiaries consent in writing, or the representative is an eligible bonded corporate entity or bank.
Who sets the bond amount?
The probate court, based on the value of the estate.
What affects my premium?
Your credit history, whether the estate involves legal counsel, and whether beneficiaries are in dispute.
Where do I file it?
With the Tennessee county probate clerk, using your original ink signature on the bond.
