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Arkansas Personal Representative Bond
In Arkansas, the personal representative is required to purchase a Probate Bond in accordance with Chapter 48 of the Arkansas Code to ensure that estate beneficiaries and creditors will be protected from financial harm. To summarize the statutes, a bond is required when an Arkansas resident with assets passes away and their estate must pass through a legal process known as Probate. The circuit court judge will appoint a personal representative for these estates, and they will be responsible for overseeing the inventory and distribution of the assets of the estate to any heirs as well as paying any debts or taxes owed by the estate.
Have any questions? Give us a call at (855) 470-0877 and speak to a live Arkansas probate bond expert.
Terms to Know When it Comes to Arkansas Personal Representative Bonds
- Probate: The legal process the estate of a deceased person must go through so that all assets can be distributed and all debts be paid
- Settlement: This is the act of distributing the assets and settling the debts of the estate
- Personal Representative: The individual appointed by the court to settle the estate.
- Decedent: The individual that has passed away and left the estate.
- Testate: If the decedent dies with a will, the estate is considered Testate and the personal representative should be named.
- Intestate: If the decedent dies without a will the estate is considered Intestate and the personal representative will petition the court for appointment.
- Surety Bond: A type of insurance required for all Arkansas personal representatives that guarantees they will faithfully fulfill their duties to settle the estate.
Do All Estates in Arkansas Require a Probate Bond?
In most cases, estates passing through probate will require a personal representative bond. However, there are some exceptions as outlined in Arkansas Statute § 28-48-206.
To summarize, the court may waive the bond requirement in the following circumstances if the personal representative is a resident of Arkansas:
- If the will directed or requested that no bond be required of the personal representative.
- If the personal representative is a bank or trust company insured by the FDIC (uncommon).
- If the beneficiaries are all “competent” and file a written waiver of the bond and there are no known unsecured claims to the estate
What Is the Required Bond Amount?
Arkansas Statute 28-48-201 grants the circuit court the authority to set the required bond amount on a case-by-case basis. However, the statute also stipulates that the bond amount may not be less than the estimated value of the estate assets controlled by the personal representative.
The court may increase or reduce the personal representative’s bond amount if they have reason to do so.
How Much Does the Arkansas Personal Representative Bond Cost?
The cost of the Personal Representative Bond is only a small fraction of the bond limit. Smaller bond limits only require basic information about the personal representative to be submitted. Larger bond limits require a soft credit check of the personal representative for an approved rate.
To determine how much the bond will cost, personal representatives can follow the steps listed below:
- Determine the Required Bond Amount
The clerk of the circuit court will provide the personal representative with their required bond amount after the personal representative case is filed and the clerk evaluates the estate’s assets.
- Calculate the Total Cost
Personal representative bonds up to $10,000 in size will cost as low as $85 per year. For each additional $1,000 increase in size, the bond premium for preferred customers will increase by the corresponding amount outlined in the table below.
| Bond Amount | Additional Premium (per $1,000) | Bond Cost (1 year) |
|---|---|---|
| $0 - $10,000 | $85 flat rate | $85 |
| $10,001 - $60,000 | $5.00 | $85 - $335 |
| $60,001 - $200,000 | $4.00 | $335 - $895 |
| $200,001 - $500,000 | $3.00 | $895 - $1,795 |
| $500,001 - $1,500,000 | $2.00 | $1,795 - $3,795 |
| $1,500,001+ | $1.00 | $3,795+ |
Jet does not require credit checks for applicants with bond sizes under $25,000, or under $50,000 if the applicant has retained an attorney. Personal representatives may also request the court to reimburse the bond premium from estate funds. Call us at (855) 470-0877 to find out how much your personal representative bond will cost.
Who Should Serve as a Personal Representative?
Typically, the first person to serve as personal representative would be a surviving spouse, followed by any surviving children. However, anyone that is 18 and of sound mind is eligible to serve as personal representative as long as they are able to obtain a surety bond. In Arkansas, you must also be a resident of the state unless you appoint someone to take service of process in the county of the estate.
What Are the Responsibilities of a Personal Representative?
- An inventory of all the assets and liabilities of the estate should be filed within 60 days of the appointment or the personal representative. This includes the appraisal of any property to provide an appropriate value.
- Notice must be given to all the beneficiaries and potential creditors of the estate. Arkansas requires that the notice for potential creditors be published for two consecutive weeks in a local newspaper.
- Once valid creditors have been determined, the debts must be paid from the estates funds. Creditors have up to 6 months to file a claim for payment against the estate.
- Once all creditors have been paid and the 6 month period has ended, the remaining assets should be distributed appropriately to the heirs of the estate.
- The personal representative will file a final accounting of the estate with the court. If it is determined the estate has been fully settled, the bond will be released and the personal representative’s job is complete.
What Is the Purpose of the Personal Representative Bond?
Due to the responsibilities listed in the prior section, Arkansas requires all individual personal representatives to purchase a surety bond as a prerequisite to being appointed as a fiduciary over the estate’s assets. The bond ensures that the estate’s beneficiaries and creditors will receive compensation for financial harm if the personal representative fails to abide by the regulations outlined in Arkansas Statute 28-48-201 et seq. Specifically, the bond protects beneficiaries and creditors if the personal representative engages in acts of fraud or mismanages the estate’s assets. In short, the bond is a type of insurance that protects the estate’s beneficiaries and creditors if the personal representative violates their fiduciary duties.
How Does the Application Process Work With Jet?
Jet’s application process is unlike any other - our goal is to get the personal representative bonded as quickly as possible to allow them to focus on their fiduciary obligations. All we need is the bond limit and basic information about the estate. Our application allows the personal representative’s to select where to send the bond.
PERSONAL REPRESENTATIVE BOND QUOTE
Some of the factors Jet considers when underwriting a personal representative bond:
- Applicant’s credit history for bond limits over $25,000 if they have not retained an attorney, or $50,000 if they have retained an attorney
- Applicants for bond limits over $50,000 will likely need to submit documentation from the court for review
- If the applicant has ever committed a felony
- If there are disputes among the estate’s beneficiaries
- Whether or not there is any ongoing business in the estate
- Whether or not the applicant owes any money to the estate
How Do You File a Personal Representative Bond With the Court?
An original bond is to be filed with signatures from both Jet (the Surety) and the personal representative. Jet fills out the bond form and sends it to the representative to complete and file with the appropriate court. Jet will also send the representative an electronic copy of their bond for reference.
How Do You Renew the Arkansas Personal Representative Bond?
Bonds can be purchased annually or in multi-year terms. Regardless of the bond length, Jet will notify the personal representative with ample time to provide renewal payment. If payment is not provided, Jet will notify the attorney (when applicable) and the court, respectively. If an attorney is involved, they may choose to provide the renewal bond premium but the fiduciary must reimburse them. If no attorney is involved, the court will set a hearing upon being notified of the failure to uphold the bond.
How Long Do You Need the Bond?
The bond will be released by the court once all debts have been paid, all assets have been distributed and a final accounting has been provided to and approved by the court. If the settlement of the estate takes longer than a year, an annual accounting will need to be provided to the court.
How Does a Personal Representative Avoid Bond Claims?
Personal representatives have a critical role in the settlement of an estate and are relied on by the heirs, creditors, and the circuit court to fulfill these obligations. Complaints regarding failure to uphold duties may arise from the heirs and creditors if they feel settlement is not being handled properly. Being diligent about keeping receipts and records of all transactions as the personal representative is essential.
Some examples of potential actions that could cause a claim:
- Lack of proper accounting and detailed records
- Improper disbursement of assets
- Nonpayment of taxes/debts
- Embezzlement
What Happens if a Claim Is Filed on the Probate Bond?
Upon receiving court notice of a claim on the bond, Jet has 30 days to pay the claim or ask for an additional time to review it. Jet works tirelessly to protect personal representatives against faulty claims, which means that even if the court has requested a bond payout, we assess all documentation provided by the court and the personal representative prior to paying out the claim. However, if a claim is valid and Jet pays the claimant, the personal representative must pay Jet back as the representative is ultimately liable for their own actions.
Arkansas County Clerk Offices
Below is a list of all the county clerk offices located in the State of Arkansas, as well as their addresses and contact information.
| County Clerk | Phone Number | Address |
|---|---|---|
| Arkansas County | (870) 946-4349 | 101 Court Square DeWitt, AR 72042 |
| Ashley County | (870) 853-2020 | 215 East Jefferson St Hamburg, AR 71646 |
| Baxter County | (870) 425-3475 | One East 7th St Mountain Home, AR 72653 |
| Benton County | (479) 271-1013 | 215 East Central Rd Bentonville, AR 72712 |
| Boone County | (870) 741-8428 | 402 N. Walnut Rd Harrison, AR 72601 |
| Bradley County | (870) 226-3464 | 101 East Cedar Rd Warren, AR 71671 |
| Calhoun County | (870) 798-2517 | P.O. Box 1175 Hampton, AR 71744 |
| Carroll County | (870) 423-2022 | 210 West Church Ave Berryville, AR 72616 |
| Chicot County | (870) 265-8000 | 108 Main Street Lake Village, AR 71653 |
| Clark County | (870) 246-4491 | 401 Clay Street Arkadelphia, AR 71923 |
| Clay County | (870) 598-2813 | 151 South 2nd Ave Piggott, AR 72454 |
| Cleburne County | (501) 362-4620 | 300 W. Main Street Heber Springs, AR 72543 |
| Cleveland County | (870) 325-6521 | P.O. Box 368 Rison, AR 71665 |
| Columbia County | (870) 235-3774 | One Court Square Magnolia, AR 71753 |
| Conway County | (501) 354-9621 | 117 South Moose Street Morrilton, AR 72110 |
| Craighead County | (870) 933-4520 | 511 South Main Street Jonesboro, AR 72401 |
| Crawford County | (479) 474-1312 | 300 Main Street, Room 7 Van Buren, AR 72956 |
| Crittenden County | (870) 739-4494 | 100 Court Street Marion, AR 72364 |
| Cross County | (870) 238-5735 | 705 E. Union St., Room 8 Wynne, AR 72396 |
| Dallas County | (870) 352-2307 | Third and Oak St. Fordyce, AR 71742 |
| Desha County | (870) 222-0870 | P.O. Box 218 Arkansas City, AR 71630 |
| Drew County | (501) 450-4909 | 210 South Main Street Monticello, AR 71665 |
| Faulkner County | (806) 823-2134 | 801 Locust Street Conway, AR 72034 |
| Franklin County | (479) 667-3609 | 211 West Commercial Street Ozark, AR 72949 |
| Fulton County | (870) 895-3310 | P.O. Box 219 Salem, AR 72576 |
| Garland County | (501) 622-3610 | 501 Ouachita Rd, Room 103 Hot Springs, AR 71901 |
| Grant County | (870) 942-2631 | 101 West Center #106 Sheridan, AR 72150 |
| Greene County | (870) 239-6311 | 320 West Court Street, Rm 102 Paragould, AR 72450 |
| Hempstead County | (870) 777-2241 | P.O. Box 1420 Hope, AR 71802 |
| Hot Spring County | (501) 332-2291 | 210 Locust Street Malvern, AR 72104 |
| Howard County | (870) 845-7500 | 421 North Main Street Nashville, AR 71852 |
| Independence County | (870) 793-8828 | 192 East Main Street Batesville, AR 72501 |
| Izard County | (870) 368-4316 | Izard County Courthouse Melbourne, AR 72556 |
| Jackson County | (870) 523-7420 | 208 Main Street Newport, AR 72112 |
| Jefferson County | (870) 541-5322 | 101 West Barraque Street Pine Bluff, AR 71601 |
| Johnson County | (479) 754-3967 | P.O. Box 57 Clarksville, AR 72830 |
| Lafayette County | (870) 921-4633 | 2 Courthouse Square Lewisville, AR 71845 |
| Lawrence County | (870) 886-1111 | P.O. Box 526 Walnut Ridge, AR 72476 |
| Lee County | (870) 295-7715 | 15 East Chestnut Street Marianna, AR 72360 |
| Lincoln County | (870) 628-5114 | 300 South Drew Star City, AR 71667 |
| Little River County | (870) 898-7210 | 351 North Second Street Ashdown, AR 71822 |
| Logan County | (479) 963-2618 | 25 West Walnut, Room 25 Paris, AR 72855 |
| Lonoke County | (501) 676-2368 | 301 North Center Street Lonoke, AR 72086 |
| Madison County | (479) 738-2747 | P.O. Box 37 Huntsville, AR 72740 |
| Marion County | (870) 449-6226 | P.O. Box 385 Yellville, AR 72687 |
| Miller County | (870) 774-1501 | 400 Laurel Street, #105 Texarkana, AR 71854 |
| Mississippi County | (870) 762-2411 | 206 North 2nd Street Blytheville, AR 72315 |
| Monroe County | (870) 747-3632 | 123 Madison Street Clarendon, AR 72029 |
| Montgomery County | (870) 867-3521 | 105 HWY 270 East #10 Mount Ida, AR 71957 |
| Nevada County | (870) 887-2710 | 215 East 2nd Street South, Suite 102 Prescott, AR 71857 |
| Newton County | (870) 446-5125 | P.O. Box 410 Jasper, AR 72641 |
| Ouachita County | (870) 837-2220 | 145 Jefferson Street Camden, AR 71701 |
| Perry County | (501) 889-5126 | P.O. Box 358 Perryville, AR 72126 |
| Phillips County | (870) 338-5505 | 620 Cherry St. #202 Helena, AR 72342 |
| Pike County | (870) 285-2743 | 1 Courthouse Square Murfreesboro, AR 71958 |
| Poinsett County | (870) 578-4412 | 401 Market Street Harrisburg, AR 72432 |
| Polk County | (479) 394-8123 | 507 Church Ave, Box 9 Mena, AR 71953 |
| Pope County | (479) 968-6064 | 100 West Main Street Russellville, AR 72801 |
| Prairie County | (870) 256-4434 | 200 Courthouse Square, Ste 104 Des Arc, AR 72040 |
| Pulaski County | (501) 340-8500 | 401 West Markham, Ste 100 Little Rock, AR 72201 |
| Randolph County | (870) 892-5822 | 107 West Broadway Pocahontas, AR 72455 |
| Saline County | (501) 303-5630 | 215 North Main Street #5 Benton, AR 72015 |
| Scott County | (479) 637-2642 | 190 W. First St., Box 10 Waldron, AR 72958 |
| Searcy County | (870) 448-3807 | P.O. Box 998 Marshall, AR 72650 |
| Sebastian County | (479) 782-5065 | 35 South 6th, Room 102 Fort Smith, AR 72902 |
| Sevier County | (870) 642-2852 | 115 North 3rd Street, Room 10 DeQueen, AR 71832 |
| Sharp County | (870) 994-7361 | 718 Ash Flat Drive Ash Flat, AR 72513 |
| St. Francis County | (870) 261-1729 | 313 South Izard Forrest City, AR 72335 |
| Stone County | (870) 269-3271 | 107 West Main Street, Ste D Mountain View, AR 72560 |
| Union County | (870) 864-1910 | 101 North Washington St. El Dorado, AR 71730 |
| Van Buren County | (501) 745-6995 | 273 Main Street #2 Clinton, AR 72031 |
| Washington County | (479) 444-1711 | 280 North College St #300 Fayetteville, AR 72701 |
| White County | (501) 279-6204 | 315 North Spruce Searcy, AR 72143 |
| Woodruff County | (870) 347-2871 | 500 North 3rd Street Augusta, AR 72006 |
| Yell County | (479) 495-4850 | P.O. Box 219 Danville, AR 72833 |
