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Kentucky Personal Representative Bond
According to Kentucky Revised Statue 395.130, every personal representative appointed as a fiduciary of an estate must post a surety bond with the probate court unless provided an exemption. These exemptions include when the terms of a will or trust excuse the need for a surety bond or upon the successful petition by an interested party. The Kentucky legislature enacted the surety bond requirement as a financial security in case personal representatives mismanage the estate’s assets.
Have any questions? Give us a call at (855) 470-0877 and speak to a live Kentucky probate bond expert.
Terms to Know when it Comes to Kentucky Personal Representative Bonds?
- Probate: The legal process through which the representative of a deceased person’s estate distributes all assets and pays all debts under the supervision of the court
- Settlement: This is the act of distributing the assets and settling the debts of the estate
- Personal Representative: This is a catch-all term in Kentucky for the person in charge of settling the estate. The definition includes all executors and administrators of an 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 executor should be named.
- Intestate: If the decedent dies without a will, the estate is considered Intestate and the administrator will petition the court for appointment.
- Surety Bond: A type of insurance required for Kentucky executors and administrators that guarantees they will faithfully fulfill their duties to settle the estate.
What is the Required Bond Amount?
Kentucky Revised Statute 395.130 grants the court the authority to determine the required bond amount on a case-by-case basis depending on the assets in the estate. The court will seek to set the bond in an amount that adequately protects the interests of the estate’s beneficiaries and creditors. Any interested person, including the personal representative, may petition the court to reduce the required amount.
How Much Does a Kenucky Personal Representative Bond Cost?
The bond cost depends entirely on the bond amount needed for the estate. The personal representative will pay only a fraction of that bond amount.
To determine how much the bond will cost, personal representatives can follow the steps listed below:
- Determine the Required Bond Amount
The probate judge or county clerk determines the bond amount based on the total amount of the estate, including any real estate, that the fiduciary has to oversee.
- Calculate the Total Cost
Administrator and executor bonds up to $20,000 cost $150 per year. For each additional $1,000 increase in the bond amount, the bond premium will increase by the corresponding amount outlined in the table below.
| Bond Amount | Additional Premium (per $1,000) | Bond Cost (1 year) |
|---|---|---|
| $0 - $20,000 | $150 flat rate | $150 |
| $20,001 - $60,000 | $6.00 | $150 - $390 |
| $60,001 - $200,000 | $5.00 | $390 - $1,090 |
| $200,001 - $500,000 | $3.75 | $1,090 - $2,215 |
| $500,001 - $1,500,000 | $2.50 | $2,215 - $4,715 |
| $1,500,000+ | $1.00 | $4,715+ |
As demonstrated in the table above, there is a tiered rate calculation for probate bonds. For example, a $50,000 Kentucky personal representative bond costs $300 per year, while a $300,000 personal representative bond costs $1,210 per year. Kentucky Revised Statute 395.130 states that the fiduciary is entitled to a credit for the premium of the bond, which is a valid estate expense. Call us at (855) 470-0877 to find out how much your personal representative bond will cost.
What Is the Process of Becoming a Personal Representative in Kentucky?
Step 1 – Meet the Qualifications
The following are eligible for appointment as personal representative:
- Kentucky residents over the age of 18
- Banks and trust companies authorized to act as fiduciaries
- Nonresident adults that are related to the decedent
Step 2 – Determine Priority
Kentucky grants priority for appointment as a personal representative in the following order:
- Individuals named in a will
- The surviving spouse
- Any other estate beneficiary
- Any other person acceptable to the court
Step 3 – Hire an Attorney
Although not explicitly required, we recommend that personal representatives hire an attorney to assist with the probate process.
Step 4 – Contact the Court
Personal representatives must contact the county’s district court with jurisdiction over the deceased individual’s estate. A court representative will walk the personal representative through the appointment process, provide them with all required forms, and answer any questions they may have.
Step 5 – Purchase a Surety Bond
Unless otherwise exempt, personal representatives must purchase and maintain a surety bond.
What are the Responsibilities of a Personal Representative in Kentucky?
Within 60 days of his or her appointment, the personal representative must file an inventory, in duplicate, of the estate’s assets with the District Court. The inventory must list the value of the assets at the time of the decedent’s death.
After paying the debts and any income and death taxes owed by the estate and distributing any remaining assets to the heirs, the personal representative must prepare and file a final settlement with the District Court. Kentucky Revised Statute 395.190 states the personal representative may not file the settlement until at least six months from the appointment date.
The settlement must include a detailed record of all receipts and disbursements accompanied by canceled checks. It will also reflect the ultimate distribution to the heirs. Finally, per Kentucky Revised Statute 395.625, the settlement must disclose the amount of compensation and the basis for such compensation received by the personal representative and attorney.
What is the Purpose of a Kentucky Personal Representative Bond?
Due to the responsibilities listed in the prior section, Kentucky requires personal representatives to purchase a surety bond as a prerequisite to being appointed as a fiduciary over an 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 Chapter 395 of the Kentucky Revised Statutes. Specifically, the bond protects beneficiaries and creditors if the personal representative engages in fraud or mismanages the estate’s assets by violating their fiduciary duties.
Do All Estates in Kentucky Require a Bond?
Under the following circumstances, Kentucky Revised Statute 395.130, allows for the waiver of the bond requirement:
- By successful petition of an interested party that shows all interests are adequately protected without a bond
- If the will or trust explicitly excuses the need for a surety bond
How Does the Application Process Work with Jet?
Jet’s application process is simple and fast - our goal is to get the personal representative bonded as quickly as possible so they can focus on their fiduciary obligations. All we need is the bond amount and basic information about the estate.
Here are 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 need to provide documentation from the court for review
- Applicants criminal background
- Disputes amongst 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?
Jet (the Surety) and the personal representative must sign the original bond. Jet fills out the bond form, signs as the Surety, and sends the original bond to the representative to sign and file the completed bond with the probate court. Jet will also send the representative an electronic copy of their bond for reference.
How Do You Renew the Kentucky Personal Representative Bond?
Jet will notify the personal representative well in advance of the renewal date to ensure timely renewal payment. Jet will notify the attorney (when applicable) and the court if you do not make your payment. If an attorney is involved, they may decide to pay the renewal bond premium, but the fiduciary must reimburse them. The court will set a hearing upon being notified of the failure to maintain the bond.
How Long Do You Need the Bond?
The court will release the bond once the personal representative has paid all debts, distributed all assets, and provided a final accounting approved by the court. If the estate settlement extends beyond a year, the personal representative must submit an annual accounting to the court. After obtaining the release, the personal representative simply needs to email a copy to [email protected] so that we can cancel the bond and issue any applicable refund due back to the personal representative.
What Actions of a Personal Representative Can Lead to Surety 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 the personal representative has not settled the estate properly. Your diligence in 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 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 before 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 actions.
District Court Locations in Kentucky
Below is a list of all the county district courts located in the State of Kentucky, as well as their addresses and contact information.
| County Court | Phone Number | Address |
|---|---|---|
| Adair County | (270) 384-2626 | 201 Campbellsville St., Suite 101 Columbia, KY 42728 |
| Allen County | (270) 237-3561 | 200 West Main St. Scottsville, KY 42164 |
| Anderson County | (502) 839-3508 | 151 S. Main St. Lawrenceburg, KY 40342 |
| Ballard County | (270) 335-5123 | 132 N. 4th St., P.O. Box 265 Wickliffe, KY 42087-0265 |
| Barren County | (270) 651-2561 | 100 Courthouse Square, P.O. Box 1359 Glasgow, KY 42142-1359 |
| Bath County | (606) 674-2186 | 19 E. Main St., P.O. Box 558 Owingsville, KY 40360-0558 |
| Bell County | (606) 337-2942 | 101 W. Park Ave., P.O. Box 307 Pineville, KY 40977-0307 |
| Boone County | (859) 448-2900 | 6025 Rogers Lane Burlington, KY 41005 |
| Bourbon County | (770) 387-5075 | 310 Main St. Paris, KY 40361 |
| Boyd County | (606) 739-4131 | P.O. Box 688 Catlettsburg, KY 41129 |
| Boyle County | (859) 239-7442 | 321 W. Main St. Danville, KY 40422 |
| Bracken County | (606) 735-3328 | 132 W. Miami St., P.O. Box 205 Brooksville, KY 41004 |
| Breathitt County | (606) 666-5768 | 1131 Main St. Jackson, KY 41339 |
| Breckinridge County | (270) 756-2239 | 111 W. 2nd St., P.O. Box 111 Hardinsburg, KY 40143-0111 |
| Bullitt County | (502) 543-7104 | 250 Frank E. Simon Ave., P.O. Box 746 Shepherdsville, KY 40165-0746 |
| Butler County | (270) 526-5631 | 110 North Main St., P.O. Box 625 Morgantown, KY 42261-0625 |
| Caldwell County | (270) 365-6884 | 105 W. Court Square Princeton, KY 42445 |
| Calloway County | (770) 775-8204 | 312 N. 4th St. Murray, KY 42071 |
| Campbell County | (859) 292-6305 | 330 York St. Newport, KY 41071 |
| Carlisle County | (270) 628-5425 | 985 U.S. Highway 62, P.O. Box 337 Bardwell, KY 42023-0337 |
| Carroll County | (502) 732-4305 | 802 Clay St. Carrollton, KY 41008 |
| Carter County | (606) 474-5191 | 100 E. Main St. Grayson, KY 41143 |
| Casey County | (606) 787-6510 | 231 Courthouse Square, P.O. Box 147 Liberty, KY 42539-0147 |
| Christian County | (270) 889-6539 | 100 Justice Way Hopkinsville, KY 42240 |
| Clark County | (859) 737-7264 | 17 Cleveland Ave., P.O. Box 687 Winchester, KY 40392 |
| Clay County | (606) 598-3663 | 316 Main St., Suite 108 Manchester, KY 40962 |
| Clinton County | (606) 387-6424 | 100 S. Cross St., Suite 212 Albany, KY 42602 |
| Crittenden County | (270) 965-4200 | 107 S. Main St., Suite 202 Marion, KY 42064 |
| Cumberland County | (270) 864-2611 | P.O. Box 395 Burkesville, KY 42717 |
| Daviess County | (270) 687-7333 | 100 E. 2nd St., P.O. Box 277 Owensboro, KY 42302-0277 |
| Edmonson County | (270) 597-2584 | 110 Cross Main St., P.O. Box 739 Brownsville, KY 42210-0739 |
| Elliott County | (606) 738-5238 | 100 Court and Main Streets, P.O. Box 788 Sandy Hook, KY 41171-0788 |
| Estill County | (606) 723-3970 | 130 Main St., Suite 207 Irvine, KY 40336 |
| Fayette County | (859) 246-2141 | 150 N. Limestone, Room D118 Lexington, KY 40507 |
| Fleming County | (706) 312-7254 | 101 North Main Cross Flemingsburg, KY 41041 |
| Floyd County | (606) 889-1672 | 127 S. Lake Drive Prestonsburg, KY 41653 |
| Franklin County | (502) 564-7013 | 222 St. Clair St. Frankfort, KY 40601 |
| Fulton County | (270) 236-3944 | 114 E. Wellington St., P.O. Box 198 Hickman, KY 42050-0198 |
| Gallatin County | (859) 567-5241 | 100 Main St., P.O. Box 256 Warsaw, KY 41095-0256 |
| Garrard County | (859) 792-2961 | 54 Stanford St. Lancaster, KY 40444 |
| Grant County | (859) 824-4467 | 224 S. Main St. Williamstown, KY 41097 |
| Graves County | (270) 247-1733 | 1102 Paris Road, Suite 21 Mayfield, KY 42066 |
| Grayson County | (270) 259-3040 | 500 Carroll Gibson Blvd. Leitchfield, KY 42754 |
| Green County | (270) 932-5631 | 200 W. Court St. Greensburg, KY 42743 |
| Greenup County | (606) 473-9869 | 101 Harrison St., P.O. Box 676 Greenup, KY 41144-0676 |
| Hancock County | (270) 927-8144 | 310 Hawesville School Drive, P.O. Box 250 Hawesville, KY 42348-0250 |
| Hardin-Elizabethtown County | (270) 766-5000 | 120 E. Dixie Ave. Elizabethown, KY 42701 |
| Harlan County | (606) 573-2680 | 129 S. 1st St., P.O. Box 190 Harlan, KY 40831-0190 |
| Harrison County | (859) 234-1914 | 115 Court St., Suite 1 Cynthiana, KY 41031 |
| Hart County | (270) 524-5181 | 117 E. South St., P.O. Box 248 Munfordville, KY 42765-0248 |
| Henderson County | (270) 826-2405 | 5 N. Main St. P.O. Box 675 Henderson, KY 42419-0675 |
| Henry County | (502) 845-2868 | 30 N. Main St., P.O. Box 359 New Castle, KY 40050-0359 |
| Hickman County | (270) 653-3901 | 109 S. Washington St. Clinton, KY 42031 |
| Hopkins County | (270) 824-7501 | 120 E. Center St. Madisonville, KY 42431 |
| Jackson County | (606) 287-7783 | 100 First St., P.O. Box 84 McKee, KY 40447-0084 |
| Jefferson County | (502) 595-3055 | 600 W. Jefferson St. Louisville, KY 40202 |
| Jessamine County | (859) 885-4531 | 107 N. Main St. Nicholasville, KY 40356 |
| Johnson County | (606) 297-9567 | 908 3rd St., Suite 109 Paintsville, KY 41240 |
| Kenton County | (859) 292-6521 | 230 Madison Ave., 3rd Floor Covington, KY 41011 |
| Knott County | (606) 785-5021 | 53 W. Main St., P.O. Box 1317 Hindman, KY 41822 |
| Knox County | (606) 546-3075 | 401 Court Square, P.O. Box 760 Barbourville, KY 40906-0760 |
| LaRue County | (270) 358-3421 | 209 W. High St., P.O. Box 191 Hodgenville, KY 42748-0191 |
| Laurel County | (606) 330-2079 | 305 S. Main St., P.O. Box 1798 London, KY 40743-1798 |
| Lawrence County | (606) 638-4215 | 29 Riverbend Road Louisa, KY 41230 |
| Lee County | (606) 464-8400 | 256 Main St. P.O. Box E Beattyville, KY 41311 |
| Leslie County | (606) 672-2503 | 22010 Main St., P.O. Box 1750 Hyden, KY 41749-1750 |
| Letcher County | (606) 633-7559 | 156 Main St., Suite 201 Whitesburg, KY 41858 |
| Lewis County | (606) 796-3053 | 94 2nd St., P.O. Box 70 Vanceburg, KY 41179-0070 |
| Lincoln County | (606) 365-2535 | 101 E. Main St. Stanford, KY 40484 |
| Livingston County | (270) 928-2172 | 122 W. Adair St., P.O. Box 160 Smithland, KY 42081-0160 |
| Logan County | (270) 726-2424 | 329 W. 4th St., P.O. Box 420 Russellville, KY 42276-0420 |
| Lyon County | (270) 388-7231 | 500 W. Dale Ave., P.O. Box 565 Eddyville, KY 42038-0565 |
| Madison County | (859) 624-4722 | 351 W. Main St. Richmond, KY 40475 |
| Magoffin County | (606) 349-2215 | 100 E. Maple St., P.O. Box 147 Salyersville, KY 41465-0147 |
| Marion County | (270) 692-2681 | 121 N. Spalding Ave. Lebanon, KY 40033 |
| Marshall County | (270) 527-3883 | 80 Judicial Drive, Unit 101 Benton, KY 42025 |
| Martin County | (606) 298-3508 | 14 Court St., P.O. Box 430 Inez, KY 41224-0430 |
| Mason County | (606) 564-4340 | 100 W. 3rd St. Maysville, KY 41056 |
| McCracken County | (270) 575-7280 | 300 Clarence Gaines St., P.O. Box 1455 Paducah, KY 42002-1455 |
| McCreary County | (606) 376-5041 | 1 N. Main St., P.O. Box 40 Whitley City, KY 42653-0040 |
| McLean County | (270) 273-3966 | 210 E. Main St., P.O. Box 145 Calhoun, KY 42327-0145 |
| Meade County | (270) 422-4961 | 516 Hillcrest Drive Brandenburg, KY 40108-1241 |
| Menifee County | (606) 768-2461 | 12 Main St., P.O. Box 172 Frenchburg, KY 40322-0172 |
| Mercer County | (859) 734-8452 | 224 S. Main St. Harrodsburg, KY 40330 |
| Metcalfe County | (270) 432-3663 | 201 East Stockton St., P.O. Box 27 Edmonton, KY 42129-0027 |
| Monroe County | (270) 487-5480 | 300 N. Main St. Tompkinsville, KY 42167 |
| Montgomery County | (859) 498-5966 | 1 Court St., P.O. Box 327 Mount Sterling, KY 40353-0327 |
| Morgan County | (606) 743-3763 | 261 Court St. West Liberty, KY 41472 |
| Muhlenberg County | (270) 338-4850 | 136 S. Main St., P.O. Box 776 Greenville, KY 42345-0776 |
| Nelson County | (502) 348-3648 | 200 Nelson County Plaza Bardstown, KY 40004 |
| Nicholas County | (859) 289-2336 | 125 Main St., P.O. Box 109 Carlisle, KY 40311-0109 |
| Ohio County | (270) 298-3671 | 130 E. Washington, St., P.O. Box 67 Hartford, KY 42347-0067 |
| Oldham County | (502) 222-9837 | 6822 Central Ave. Crestwood, KY 40014 |
| Owen County | (502) 484-2232 | 401 S. Main St., P.O. Box 473 Owenton, KY 40539-0473 |
| Owsley County | (606) 593-6226 | 20 Main Street, P.O. Box 130 Booneville, KY 41314-0130 |
| Pendleton County | (859) 654-3347 | 120 Ridgeway Ave., P.O. Box 69 Falmouth, KY 41040-0069 |
| Perry County | (606) 435-6000 | 545 Main St., P.O. Box 7433 Hazard, KY 41702-7433 |
| Pike County | (912) 437-4888 | 175 Main St., P.O. Box 1002 Pikeville, KY 41502-1002 |
| Powell County | (606) 663-4141 | 525 Washington St., P.O. Box 578 Stanton, KY 40380-0578 |
| Pulaski County | (229) 758-4110 | 155 South First Street Room 110 Colquitt, GA 39837 |
| Robertson County | (606) 724-5993 | 127 E. Walnut St., P.O. Box 63 Mt. Olivet, KY 41064-0063 |
| Rockcastle County | (606) 256-2581 | 205 E. Main St., Room 102 Mount Vernon, KY 40456 |
| Rowan County | (606) 783-8505 | 700 W. Main St. Morehead, KY 40351 |
| Russell County | (270) 343-2185 | 202 Monument Square, Suite 106 Jamestown, KY 42629 |
| Scott County | (502) 863-0474 | 119 N. Hamilton St. Georgetown, KY 40324 |
| Shelby County | (502) 633-1287 | 401 Main St. Shelbyville, KY 40065 |
| Simpson County | (270) 586-4241 | 101 N. Court St. Franklin, KY 42134 |
| Spencer County | (502) 477-3220 | 27 E. Main St., P.O. Box 282 Taylorsville, KY 40071-0282 |
| Taylor County | (270) 465-6686 | 300 E. Main St. Campbellsville, KY 42718 |
| Todd County | (270) 265-2343 | 204 W. Main St., P.O. Box 337 Elkton, KY 42220-0337 |
| Trigg County | (270) 522-6270 | 41 Main St., P.O. Box 673 Cadiz, KY 42211-0673 |
| Trimble County | (502) 255-3213 | 30 Highway 42 E, P.O. Box 248 Bedford, KY 40006-0248 |
| Union County | (270) 389-2264 | 121 S. Morgan St., P.O. Box 59 Morganfield, KY 42437-0059 |
| Warren County | (270) 746-7400 | 1001 Center St., Suite 102 Bowling Green, KY 42101 |
| Washington County | (859) 336-3761 | 100 East Main Street, Suite 100 Springfield, KY 40069 |
| Wayne County | (606) 348-5841 | 100 W. Columbia Ave., Suite 101 Monticello, KY 42633 |
| Webster County | (270) 639-9160 | 35 U.S. Highway 41 A. South P.O. Box 290 Dixon, KY 42409-0290 |
| Whitley County | (606) 549-2973 | 100 Main St., P.O. Box 329 Williamsburg, KY 40769-0329 |
| Wolfe County | (606) 668-3736 | 133 Main Street, P. O. Box 296 Campton, KY 41301-0296 |
| Woodford County | (859) 873-3711 | 130 Court St. Versailles, KY 40383 |
