How probate and fiduciary bonds work: when US and Canadian courts require or waive bonds for executors, administrators, guardians and conservators.
Education only / verify at source / not legal advice. This guide explains how probate and fiduciary bonds work, using the Uniform Probate Code as enacted in two states, the bond statutes of seven US states, and the statutes, court rules and government guidance of Ontario, British Columbia and Alberta. Global Guarantors publishes industry education. We aren't a surety, broker, insurer or law firm. The law of the court that appoints the fiduciary, and your own lawyer's advice, control.
Start here: Surety 101: three parties, one written promise · Surety glossary · Surety vs insurance + indemnity
When someone dies, or when a court decides that a child or an adult can no longer manage their own money, a court hands control of that property to someone else: an executor, an administrator, a guardian or a conservator. Those people are fiduciaries. They hold other people's money and must account for it.
Courts have long asked fiduciaries for a bond before handing over that control. A probate bond, or fiduciary bond, is a surety bond in which the fiduciary promises to do the job faithfully and a surety company backs that promise up to a fixed sum. If the fiduciary takes or mishandles estate property and cannot repay it, the people the court is protecting can recover from the bond.
This guide explains what a fiduciary bond guarantees, who it protects, when courts require it and when they waive it, how the amount is set, what a surety looks for, how claims and release work, and the main alternatives. It is part of our commercial surety guide, which covers the wider family of court, license and miscellaneous bonds.
A fiduciary bond is a promise about conduct. The statutes describe the condition in similar terms:
Those duties include finding and protecting the assets, paying valid debts and taxes, keeping estate money separate, distributing to the right people and accounting to the court. Ontario's guidance says the bond "covers any financial losses to the estate due to dishonest or improper acts by the estate trustee."
Three limits matter.
It is not investment insurance. A bond does not promise that the estate will hold its value. If the market falls while a fiduciary acts properly, there is no breach and nothing to claim. A claim arises when the fiduciary breaks a duty, for example by taking money, mixing it with personal funds, paying the wrong person or failing to account.
It is not insurance for the fiduciary. As with other surety bonds, the fiduciary remains primarily liable. Ontario's current court form for an insurer's bond (Form 74L, formerly Form 74.32) says: "The primary obligation under this bond belongs to the principal." The surety pays when the principal does not, and then seeks repayment from the principal.
It is capped. The surety's liability is limited to the penal sum. Some statutes add that a bond is not used up by one claim: in Texas a personal representative's bond "does not become void on the first recovery but may be put in suit and prosecuted from time to time until the entire amount of the bond has been recovered" (§ 305.111).
Fiduciary bonds are sometimes confused with fidelity bonds. A fidelity bond, such as the bond ERISA requires for people who handle retirement plan funds, covers loss from fraud or dishonesty; our ERISA fidelity bond guide explains that coverage. A probate bond is written to the court's condition of faithful performance, which can reach improper acts as well as dishonest ones.
A fiduciary bond has the usual three surety parties, plus the people it is meant to protect.
| Role | Who it is on a fiduciary bond | Examples from the sources |
|---|---|---|
| Principal | The court-appointed fiduciary | Executor, administrator, estate trustee, guardian, conservator |
| Obligee | The court, judge, state or court officer named in the bond | "The Governor" (Florida); "the judge and the judge's successors in office" (Texas); "the first justice of the court" (Massachusetts); "the State of Maine"; the judge, "to enure for the benefit of the Accountant of the Superior Court of Justice" (Ontario) |
| Protected persons | Those for whose benefit the bond is given | "Interested persons" (California); "the ward or conservatee and all persons interested" (California guardianships); creditors and persons entitled to share in the estate (Ontario) |
| Surety | A surety company, or in some courts individual sureties | An admitted surety insurer (California); an insurer "licensed under the Insurance Act to write surety and fidelity insurance in Ontario" (Rule 74.11) |
The obligee is often a public office rather than the beneficiaries themselves, because the court controls who may sue on the bond. Ontario's Estates Act s. 38 lets a judge, on being satisfied "that the condition of the bond has been broken," order the bond assigned to a named person, who then recovers "as trustee for all persons interested."
| Bond | Fiduciary | When it typically arises |
|---|---|---|
| Executor bond | Person named in the will | Only if the will requires one, the court orders one, or a rule applies (for example a nonresident executor) |
| Administrator bond (letters of administration; Ontario certificate without a will) | Person appointed when there is no will, or no willing executor | The most common probate bond |
| Administrator with the will annexed | Person appointed under a will that names no willing executor | Ontario's s. 35 bond expressly includes this grant |
| Special or temporary administrator bond | Short-term appointee | Set by the court; Texas says a temporary administrator's bond "shall be in the amount that the judge directs" (§ 305.153(c)) |
| Guardian of the estate (property) bond | Guardian managing a minor's or adult's property | Usually required; Texas does not allow it to be waived (§ 1105.101(d)) |
| Conservator bond | Conservator of an adult's estate | Required in California before letters issue (§ 2320) |
| Trustee bond | Testamentary or court-supervised trustee | Varies; Massachusetts applies its bond terms to trustees through ch. 203E |
The Uniform Probate Code (UPC) is a model law that a number of states have adopted in whole or in part. Its bond rules sit in Article III, Part 6, sections 3-603 to 3-606. We checked them as enacted in Maine (18-C M.R.S.) and Massachusetts (G.L. c. 190B); enacted versions differ in detail.
Bond is not the default in informal probate. Maine's § 3-603: "Bond is not required of a personal representative appointed in informal proceedings, except upon the appointment of a special administrator, when an executor or other personal representative is appointed to administer an estate under a will containing an express requirement of bond or when bond is required under section 3-605." In formal proceedings, bond may be ordered, but not where "the will relieves the personal representative of bond, unless bond has been requested by an interested party and the court is satisfied that it is desirable."
Interested persons can demand a bond. Under Maine's § 3-605, a person "having an interest in the estate worth in excess of $5,000, or any creditor having a claim in excess of $5,000, may make a written demand that a personal representative give bond." Until the bond is filed, the personal representative must "refrain from exercising any powers" except to preserve the estate.
Massachusetts frames it as sureties. Its § 3-603 says "Sureties shall be required on the bond of a personal representative unless" the will waives them, "all of the heirs" or "all of the devisees" file a written waiver of sureties, the personal representative is a qualified bank or trust company, or "the court concludes that sureties are not in the best interests of the estate."
The amount follows a sworn estimate. Under § 3-604, the person qualifying files a statement under oath of the "best estimate of the value of the personal estate of the decedent"; Maine adds "the income expected from the personal and real estate during the next year." The amount may be reduced by assets "deposited with a domestic financial institution ... in a manner that prevents their unauthorized disposition."
The terms are standard. Section 3-606, in Massachusetts' words, requires bonds to name an obligee "for the benefit of the persons interested in the estate" and to be "conditioned upon the faithful discharge by the fiduciary of all duties according to law." Sureties are "jointly and severally liable with the personal representative," the surety "consents to the jurisdiction of the court," and the bond "shall not be void after the first recovery but may be proceeded against from time to time until the whole penalty is exhausted."
Outside the UPC, many states start from a bond requirement and list exceptions. The table summarizes seven states checked against official legislature pages on October 30, 2026 (New York on November 2, 2026). It covers decedents' estates only and leaves out many details.
| State and source | Default, main waivers and exempt fiduciaries | Amount for an individual fiduciary |
|---|---|---|
| California (Prob. Code §§ 8480–8483, 8571) | Required before letters, unless the will waives it or all beneficiaries waive it in writing; the court may still require one "for good cause"; a nonresident may be required to give bond despite a waiver | Not more than personal property, plus probable annual gross income, plus real property if independent administration covers it; twice that with personal sureties |
| Texas (Estates Code ch. 305) | Required, unless the will "directs that no bond or security be required" and the court finds the person qualified; an unbonded executor can be ordered to give bond if "wasting, mismanaging, or misapplying the estate". Exempt: corporate fiduciary | Personal property plus 12 months of anticipated revenue; creditors-only bond if the representative takes the whole estate |
| Florida (Fla. Stat. §§ 733.402–733.403) | Required "unless the bond requirement has been waived by the will or by the court"; the court may also require, increase or decrease it. Exempt: banks and trust companies authorized to act | The sum "the court deems sufficient" after weighing listed factors |
| Illinois (755 ILCS 5/12-1, 12-2, 12-4, 12-5, 6-13) | Oath and bond required; a will can excuse it unless the court suspects "fraud or incompetence" or the estate may not cover claims; a nonresident executor may be required to give bond "notwithstanding any contrary provision of the will". Exempt: corporations qualified to administer trusts | At least 1.5 times the personal estate with a surety company; at least double with individual sureties or if security is excused |
| Massachusetts (G.L. c. 190B §§ 3-603, 3-604) | Sureties required unless waived by will or by all heirs or devisees, the fiduciary is a qualified bank, or the court finds sureties not in the estate's best interests. Exempt: qualified banks and trust companies (sureties) | Equal to the sworn estimate of the personal estate |
| Maine (18-C M.R.S. §§ 3-603 to 3-605) | No bond in informal proceedings unless a listed exception applies or an interested person or creditor with more than $5,000 at stake demands one. Exempt: personal representatives who have deposited cash or collateral with a state agency under statute | Not less than the estimate of personal estate plus next year's income |
| New York (SCPA 710, 801, 805) | An executor gives no bond "unless required by the will or by 806 or by this section" (710); an administrator must file a bond before letters, but the court may dispense with or reduce it where the appointee takes the whole estate or all interested persons consent (805); no bond is needed for property within the small-estate amount in SCPA 1301 (801) | Not less than the personal property, plus estimated gross rents for 18 months, plus probable recovery on any cause of action (801) |
Three situations recur.
Intestacy. With no will, nobody has waived the bond, so administrators are bonded unless a statute, all beneficiaries or the court excuse it. California allows "all beneficiaries" to waive in writing (§ 8481(a)(2)); Massachusetts allows "all of the heirs" to waive sureties (§ 3-603).
A will that waives bond. A will waiver is strong but not absolute. California's court may require a bond "for good cause" despite a waiver (§ 8481(b)). Texas allows creditors and interested persons to complain and have an unbonded executor bonded (§ 305.102). Illinois overrides the waiver where it "has cause to suspect the representative of fraud or incompetence" (12-4(a)).
Nonresident fiduciaries. Courts worry about collecting from someone outside their reach. California may require a nonresident personal representative to give bond "notwithstanding a waiver of a bond" (§ 8571), and Illinois says the same for a nonresident executor (6-13(d)). Canada's rules are similar (see below).
The common formula is the property the fiduciary can most easily move: cash, securities and other personal property, plus a year of income. Real estate is often left out or handled separately, as several of the statutes below show.
Texas spells out the hearing. Before setting the amount, the court "shall hear evidence and determine" items including cash on hand, cash needed for administration, revenue expected in the next 12 months, the value of securities, life insurance payable to the estate, other personal property, and debts (§ 305.152). The bond then equals personal property plus 12 months of anticipated revenue from interest, dividends, collectible claims, installment payments "excluding income derived or to be derived from federal social security payments," and rentals (§ 305.153(a)).
Florida lists factors instead. Section 733.403 directs a penal sum "the court deems sufficient after consideration of the gross value of the estate, the relationship of the personal representative to the beneficiaries, exempt property and any family allowance, the type and nature of assets, known creditors, and liens and encumbrances on the assets."
Multipliers for individual sureties. Where individuals rather than a surety company sign, several statutes ask for more. California doubles the amount for personal sureties (§ 8482(c)). Illinois sets "not less than double the value of the personal estate if individuals act as sureties" and "not less than 1 1/2 times" with a surety company (12-5(a)). Texas requires personal sureties' combined net worth to "equal at least twice the amount of the bond" (§ 305.203(b)).
Changes over time. The amount is not fixed for the life of the estate. California requires "additional bond" before confirming a sale of real property, "treating the expected proceeds of the sale as personal property" (§ 8482(d)). Illinois treats a wrongful-death claim as worth $500 for bond purposes but requires a bond on the expected settlement proceeds (12-5(b)). Texas lets a representative apply for a reduced bond with an approved accounting (§ 305.255).
Large estates. In Texas, if a bond exceeds $50,000 the court "may require" two corporate sureties, or one corporate surety and two personal sureties (§ 305.202(a)).
Bonds for guardians of the estate and conservators protect someone who usually cannot watch the fiduciary: a child, or an adult found unable to manage their affairs. Courts are stricter here.
| State and source | Requirement | Amount |
|---|---|---|
| California (Prob. Code §§ 2320, 2328) | Every guardian or conservator gives a bond "before letters are issued," unless a statute provides otherwise, for "the benefit of the ward or conservatee and all persons interested" | With an admitted surety insurer: personal property, plus probable annual gross income, plus probable annual public benefit payments, plus "a reasonable amount for the cost of recovery to collect on the bond, including attorney's fees and costs"; twice that with personal sureties |
| Texas (Estates Code ch. 1105) | A guardian of the person or estate gives a bond, except corporate fiduciaries and county guardianship programs; the court "may not waive the requirement of bond for the guardian of the estate," even if a parent's will asks | Personal property of the ward plus 12 months of anticipated revenue, reduced for court-ordered deposits; management-trust assets are not counted |
| Florida (Fla. Stat. § 744.351) | A guardian of property files a bond "before exercising his or her authority"; on "compelling reasons" the court may waive it or require a designated financial institution | "Not less than the full amount of the cash on hand and on deposit," plus bearer notes and bonds, plus readily tradable intangible personal property |
| Illinois (755 ILCS 5/12-2) | Bond required, but "the court may waive the filing of a bond of a representative of the person of a ward" | Same 12-5 multipliers as for estates |
Two points stand out. First, a guardian of the person (who makes personal decisions) is often treated differently from a guardian of the estate (who handles money); Illinois may waive the former's bond, and in Texas, where a guardian of the person serves and there is no guardian of the estate, the court may accept only a corporate surety bond, a personal surety bond, a deposit of money or a personal bond, after considering the guardian's familial relationship to the ward, ties to the community, financial condition, history of compliance with the court, and why a corporate surety bond may have been denied (§ 1105.102). Second, California's formula adds the cost of collecting on the bond. A successful surcharge's attorney's fees and costs "shall be a surcharge against the conservator or guardian and, if unpaid, shall be recovered against the surety on the bond" (§ 2320(c)(4)).
Canadian probate is provincial. The three provinces checked take different approaches, from a default bond for administrators (Ontario) to no security without a protected beneficiary or court order (British Columbia) to residence-based rules (Alberta).
Who must give a bond. Section 35 of the Estates Act requires a bond from "every person to whom a grant of administration, including administration with the will annexed, is committed," given "to the judge of the court by which the grant is made, to enure for the benefit of the Accountant of the Superior Court of Justice." Ontario's probate guidance says a bond is required when the deceased died without a will, when the applicant was not named as estate trustee in the will, or when the applicant is not resident "in Ontario, or in a province or territory of Canada, or in a Commonwealth country."
Nonresident executors. Section 6 says letters probate shall not be granted to a person "not resident in Ontario or elsewhere in the Commonwealth" unless the person gives "the like security as is required from an administrator in case of intestacy," or the judge dispenses with or reduces it. Section 5 says letters of administration "shall not be granted to a person not residing in Ontario," except on resealing.
How much. Section 37(1): "The bond shall be in a penalty of double the amount under which the property of the deceased has been sworn." Under s. 37(2) the judge "may at any time under special circumstances reduce the amount of or dispense with the bond."
Who can be surety. Rule 74.11(1) of the Rules of Civil Procedure calls for "the bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance in Ontario (Form 74L) or of one or more personal sureties (Form 74M)." Ontario's guidance says estates over $100,000 need two personal sureties and smaller estates one, and that a personal surety "must be an adult Ontario resident, have sufficient assets to pay the amount of the bond and cannot be a lawyer or court registrar."
Statutory exceptions.
The 2022 rule changes. Two changes followed. For documents filed on or after January 4, 2022, the estate court forms were renumbered, so the insurer bond (formerly Form 74.32) became Form 74L and the personal-surety bond (formerly Form 74.33) became Form 74M. Then O. Reg. 435/22, in force July 1, 2022, added subrules 74.11(3) to (6). An applicant may move to dispense with or reduce the bond under s. 37(2), or may ask for that order "without making a motion," with the application, where the request "is made on consent of the persons who are entitled to share in the distribution of the estate" and none of them is a minor or an incapable person without a guardian or attorney. The filing includes a draft order (Form 74I), each beneficiary's consent (Form 74H) and an affidavit (Form 4D) covering the deceased's debts, any business debts, and what security protects unpaid creditors.
British Columbia's Wills, Estates and Succession Act (WESA) reverses the default. Section 128(1): "No security for the administration of an estate is required to be provided by an applicant for a grant of administration unless (a) a minor or a mentally incapable person without a nominee who has authority to represent the mentally incapable person in estate matters is interested in the estate, or (b) the court, on application by a person interested in the estate, requires security."
Where security is required, the court "may ... accept any form or amount of security" and may "impose a restriction on the powers of the proposed administrator that may be exercised without prior approval of the court or the Public Guardian and Trustee" (s. 128(1.1)). On breach of an assignable security, the court can order it assigned to a person who may sue "as trustee for all persons interested" (s. 128(2)–(3)).
The Public Guardian and Trustee (PGT) reviews grant applications where children or incapable adults are involved. Its guidance says that "where there is no will, or where someone other than a named executor has been appointed to administer the estate, we may recommend an administration bond," and that such bonds "are not held by the PGT, they must be procured through a third party."
Alberta's Estate Administration Act s. 45 says no grant issues "unless the applicant has given a bond or other security in accordance with the Rules," except as the Rules provide. The Surrogate Rules then narrow it to residence:
To a surety, a fiduciary bond is a credit and character decision. Losses usually come from a fiduciary who takes or mishandles money and cannot repay it. We describe common practice in general terms; every surety sets its own requirements, and we don't publish rates, premiums or approval criteria.
The cost of the bond is often an estate expense. California allows the personal representative "the reasonable cost of the bond for every year it remains in force" (§ 8486), and Texas says, where a court requires corporate sureties on a large bond, "the estate shall pay the cost" (§ 305.202(b)).
Most fiduciary bond claims follow a court finding. Beneficiaries or a successor fiduciary ask the court to compel an accounting; the court finds a shortfall and orders the fiduciary to repay ("surcharge"); the fiduciary does not pay; the claim then turns to the surety.
Who can sue. In California, "an action may be brought against the sureties on the bond for the use and benefit of the decedent's estate or of any person interested in the estate" (§ 8488(a)). Under Massachusetts § 3-606, a proceeding against the surety may be started "on petition of a successor personal representative, any other personal representative of the same decedent, or any interested person." In Ontario, the court assigns the bond to a named person (s. 38).
When the surety pays. The Ontario insurer form (Form 74L) puts the sequence plainly: the surety, "provided it has been given reasonable notice of any proceeding," pays "on order of the court, and on default of the principal to pay any final judgment made against the principal," and "shall not be liable to pay more than the amount of the bond."
Time limits. In California no action may be maintained against the sureties "unless commenced within four years from the discharge or removal of the personal representative or within four years from the date the order surcharging the personal representative becomes final, whichever is later" (§ 8488(b)), and sets a separate six-year limit measured from the date the relevant judgment or order becomes final (§ 8488(c)). Under the UPC as enacted in Maine, no proceeding may be started against the surety on any matter "as to which an action or proceeding against the primary obligor is barred by adjudication or limitation" (§ 3-606(2)).
What the surety is not liable for. Massachusetts adds that "in no event shall any surety be liable for any claim or cause of action arising out of or in any way connected with acts or omissions of the personal representative occurring prior to the appointment" (§ 3-606(a)(7)).
After payment. The surety then pursues the fiduciary under the indemnity agreement, and it may take over the claimants' rights; the Ontario form says the surety "is entitled to an assignment of the rights of any person who receives payment or benefit from the proceeds of this bond." Our guide to surety claims basics covers how sureties investigate and resolve claims in general.
A fiduciary bond does not end on a calendar date. It ends when the court is satisfied that the job is done or when a replacement bond is approved.
In practice, a surety typically wants a copy of the discharge order or cancellation before it closes its file. Until then, the bond is usually treated as open.
Bonds are not the only way to protect an estate, and many fiduciaries never need one. In the sources we checked:
Each choice trades something away. A blocked account protects money but means asking the court each time the fiduciary needs to spend it. A waiver saves the premium but leaves beneficiaries relying on the fiduciary's own means if something goes wrong.
Fiduciary bonds belong to the wider family of court (judicial) bonds, but they work differently from litigation bonds. An appeal or supersedeas bond secures a judgment that already exists, for the benefit of one judgment creditor, and is usually enforced quickly once the appeal ends. A fiduciary bond secures future conduct, often for many beneficiaries, and can stay open for years until a final accounting. Litigation bonds also tend to be sized to a known judgment; fiduciary bonds are sized to property the fiduciary will control, which can change as assets are found and sold.
General education, not legal advice. Use it as a list of questions for your estate lawyer and surety professional.
Before appointment
Once bonded
Our guide to verifying a surety bond covers how to confirm a bond and power of attorney with the issuing surety.
What is a probate bond? A surety bond that a court requires from an executor, administrator or other personal representative, guaranteeing that the person will perform the duties of the office according to law. If they don't and cannot repay the loss, interested persons can recover from the surety up to the bond amount.
Does an executor always need a bond? No. Many wills waive the bond, and many US states and Canadian provinces do not require one from an executor named in the will. Courts can still order one, for example for a nonresident executor or where there are concerns about the estate.
How much does a probate bond cover? The penal sum set by the court, often based on the estate's personal property plus a year's income. Ontario's default is double the sworn value of the estate; California and Illinois use higher multiples where individuals rather than a surety company sign.
Does a fiduciary bond protect the estate against investment losses? No. It responds to a breach of the fiduciary's duties, not to market losses on prudently managed assets.
Who pays for a probate bond? Often the estate. California allows the personal representative the reasonable annual cost of the bond, and Texas says the estate pays for corporate sureties where the court requires them on a large bond.
When does a probate bond end? When the court discharges the fiduciary or cancels the bond after final accounting and distribution, or when a replacement bond is approved for future acts.
Retrieved or confirmed October 30, 2026 (PT). Sources 3, 6, 10, 11, 12, 14, 15 and 21 were rechecked November 2, 2026 (PT).
