Notary Bond Application:
X
Nevada Administrator and Executor Bond
An administrator or an executor (commonly referred to as a fiduciary or personal representative) is appointed by a probate court to manage a deceased person’s estate. While fulfilling this appointment in the State of Nevada, the county court handling the case may require the filing of a surety bond. Jet Insurance Company provides the Administrator and Executor Bond as an assurance to the county probate court that all estate duties and obligations will be upheld and performed up to Nevada’s regulations.
Have any questions? Give us a call at (855) 470-0877 and speak to a live Nevada probate bond expert.
What Is the Bond Limit and Cost of a Nevada Administrator and Executor Bond?
The custom limit for the Nevada Administrator and Executor Bond is determined by the probate court that is handling the deceased person’s case. The bond amount is typically based on the value of the estate and possibly the amount of probable income earned from both the real and personal property of the estate. Whether the personal representative is acting with full authority or limited authority of the Independent Administration of Estates Act (IAEA) will also be considered. The probate court will provide the required bond amount after reviewing the details of the estate.
How Much Does the Nevada Administrator/Executor Bond Cost?
Jet charges a minimum of $85 per year for the Nevada Administrator Bond and Nevada Executor Bond, with the price depending on the size of the bond. We offer special tiered pricing that decreases the percentage rate paid for larger bond amounts. Applicants can also save if they purchase bonds for more than one year at a time.
To determine how much the bond will cost, administrators and executors can follow the steps listed below:
- Determine the Required Bond Amount
The clerk of the circuit court will provide the administrator/executor with their required bond amount when the clerk evaluates the estate's assets based on the guidelines outlined above.
- Calculate the Total Cost
Probate 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. Executors/administrators 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 probate bond will cost.
What Is the Difference Between an Administrator and an Executor in Nevada?
In regards to their duties, there is no difference between an administrator and an executor. Both positions are in charge of managing the deceased person’s estate, dispersing assets to the rightful beneficiaries, and closing the estate to its final account. The real difference between the two positions is in how they are appointed by the probate court. An executor is named in the last will and testament of the decedent, but if there is no will, the court will appoint an administrator. Either way, the probate court is required to approve the personal representative for the appointment.
Some decedent’s wills and last testaments contain instructions for a trust to be opened or for a current trust to be managed; a trustee will also be named (this position is typically given to the already appointed executor). The trustee is in charge of overseeing the trust and is responsible for handling any of the assets held in the trust, as well as filing taxes for the trust and distributing the assets according to the terms of the trust.
In cases where the county probate court is unable to appoint an executor or administrator right away due to unavoidable delays, the court may appoint a temporary personal representative known as a special administrator. This typically occurs if urgent matters regarding the estate need to be handled as soon as possible, but the deceased person’s will is being contested or there are problems serving notice to the appropriate parties for the appointment. The probate court will be in charge of deciding how long the special administrator will hold their appointment and what duties they can conduct. The special administrator’s appointment will end once an executor or the rightful administrator has been officially appointed by the probate court.
The probate bond is still required if the personal representative is appointed to any of the positions described above.
Order of Priority for Right to Appointment in Nevada
Upon the death of an estate owner that is a resident of Nevada, a personal representative is appointed by a county probate court to manage the person’s assets accordingly and close the estate.
The list below shows the order for which a personal representative is appointed by the court:
- The person named in the will as an “executor”
- A surviving spouse of the deceased person
- The decedent’s children
- A parent of the decedent
- The brother or the sister of the deceased person
- The grandchildren of the decedent
- Any other relatives entitled to share in the distribution of the estate
- The public administrator or a person employed or contracted with the board of county commissioners
- Creditors who have become such during the lifetime of the decedent
- Any relatives not listed above, within the fourth degree of consanguinity (i.e. great-great-grandchildren or the children of the person’s first cousins)
- Any person or persons that are legally qualified
If the rightfully entitled appointee is an heir that is a minor or an incapacitated person, the court may appoint the protected person’s guardian as the administrator.
Are There Exemptions From the Nevada Probate Bond?
If a banking corporation is appointed by the personal representative to help in the process of managing the estate or if the deceased person’s will and last testament expressly states that no bond is needed, the Administrator and Executor Bond is not required.
However, if the probate court feels that a form of financial security is needed to protect the decedent’s estate, the beneficiaries, or any other assets regardless, the bond may be required of the fiduciary.
How to Apply for the Nevada Personal Representative Bond With Jet
Jet’s application can be completed fully online. We just need some general information such as your contact details, the required bond limit, some information regarding the estate, and your social security number for a soft credit check. If available, a copy of the decedent’s will is also needed. Once all has been submitted, a Jet underwriter will conduct a quick review of your application. If further details are necessary, we’ll give you a call right away. Otherwise, Jet will send you approved rates at monthly, annual, and multi-year options. Just choose your preferred term and fulfill the payment. Jet will send you a copy of your bond form and receipt as soon as we receive payment. Have any questions? Give us a call at (855) 470-0877 and speak to a live Nevada probate bond expert.
Some of the factors Jet considers when underwriting an executor or administrator 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 Is the Administrator and Executor Bond Filed?
The original signed and sealed probate bond must be filed with the Nevada county clerk’s office in which the deceased person’s estate and assets proceeding is being conducted (this is typically near the location of the decedent’s estate). Once you have purchased your probate bond with Jet, an underwriter will fill out and seal the bond and then send it to your preferred personal address. It is your responsibility as the administrator or executor to file the bond to the appropriate county clerk’s office.
The Jet team has provided a list of each Nevada county probate court and their contact information in a chart at the bottom of this page.
Can Probate Bonds Be Cancelled?
The Nevada Executor and Administrator Bond may be cancelled by the surety provider (Jet), but there is a process that must be completed before termination of the bond may be achieved.
In cases where the administrator or executor has yet to be released from their appointment, Jet must send the county clerk’s office a petition for the release of liability. Once received, the court will order the personal representative to appear at a hearing. If the fiduciary cannot be contacted or does not show up at the designated time and place, a citation will be served to their residence with instructions to provide a new surety bond that satisfies the court within five days of the notice. If a new bond is provided then Jet will be released as a surety provider and your bond will be officially canceled, but if no form of financial security is filed, the personal representative will likely be terminated from their fiduciary duties.
If the Personal Representative Bond needs to be cancelled, send us a written cancellation request to Jet at [email protected] and we will begin the process with the county probate court.
When Does the Executor and Administrator Bond Obligation End in Nevada?
The personal representative must maintain the bond for the entirety of their appointment and until all obligations have been fulfilled. Personal representatives are expected to close the estate within 18 months of their appointment.
If your appointment as an administrator or an executor continues past your purchased bond term with Jet, the surety bond must be renewed. Prior to your expiration date, we will send you a renewal invoice via email and mail. Just complete standard payment and your bond will remain active with the county probate court for another term.
According to Chapter 141 of the Nevada Revised Code, the personal representative’s obligation to hold a surety bond may end if they resign with court approval or if they are terminated from their appointment. A personal representative may resign from their appointment at any time by filing a petition with the court. If the court approves of the fiduciary’s resignation, they will be released from their position upon the settlement of their working estate accounts which includes delivering the estate and all other assets to a successor.
As for the removal of the administrator or executor, the probate court may terminate the personal representative from their appointment for any of the following scenarios:
- Mismanaging the estate
- Using the decedent’s estate and assets for personal use
- Committing fraud upon the estate
- Neglecting the estate
- Delaying the performance of necessary fiduciary duties for no valid reason
The probate court may also remove the fiduciary if they have a conflict of interest with the estate or if they become disqualified to act as a personal representative.
How Does a Nevada Personal Representative Avoid Bond Claims?
The personal representative must maintain the bond for the entirety of their appointment and until all obligations have been fulfilled. Personal representatives are expected to close the estate within 18 months of their appointment.
The personal representative is expected to carry out all obligations up to the rules and regulations stated in Title 12 of the Nevada Revised Statutes, specifically the sections regarding personal representatives, administrators, and special administrators.
Any person, including a past personal representative of the estate, has a right to take action against the administrator or executor if they feel the fiduciaries’ performance has caused them financial losses. Some reasons a suit may be filed with the probate court include the following scenarios:
- Managing or performing estate duties in a negligent manner
- Unnecessarily using estate assets for personal use
- Committing embezzlement or fraud
- Failing to perform mandated duties such as paying off debts, taxes, and court-ordered expenses of the estate
- Unsuitable or inaccurate inventory accounting
- Neglecting or refusing to file the estate inventory within the time instructed by the probate court
- Failing to disperse appropriate funds to beneficiaries and/or the trust
The damaged party must file the suit directly with the Nevada county probate court that is handling the decedent’s case. The validity of the accused violations will be determined once the court has conducted a hearing and investigation. If the suit is justified, the judge will decide whether or not the personal representative’s Administrator and Executor Bond will be used as restitution for the claimant.
What Happens if a Claim Is Filed?
If the Nevada county probate court files a claim on the bond, they will send notice to the principal (you, the fiduciary) and the surety provider (Jet). Once received, we will contact you to retrieve any available information and documentation regarding the suit. These details will be used for our own review and investigation of the accused transgression(s).
Per the probate bond form, Jet is legally obligated to payout valid bond claims up to the bond’s limit?payments will not exceed the amount of the bond. The personal representative is ultimately held responsible for their actions and must reimburse Jet for the claim payout made on behalf of their failure to uphold the deceased person’s wishes and court regulations.
Nevada County Probate Courts
Below is a list of all the county probate courts located in Nevada, as well as their addresses and contact information.
| Mailing Address | Contact Information |
|---|---|
| Carson City County District Court 885 East Musser Street, 3rd Floor Carson City, NV 89701 | (775) 887-2082 [email protected] |
| Churchill County District Court 73 North Maine Street, Suite B Fallon, NV 89406 | (775) 423-6088 [email protected] |
| Clark County District Court Phoenix Building 330 South 3rd Street Las Vegas, NV 89101 | (702) 455-2650 |
| Douglas County District Court 1038 Buckeye Road PO Box 218 Minden, NV 89423 | (775) 782-9820 |
| Elko County District Court 571 Idaho Street Elko, NV 89801 | (775) 753-4601 [email protected] |
| Esmeralda County District Court 1520 East Basin Avenue, Suite #105 Pahrump, NV 89060 | (775) 485-6309 [email protected] |
| Eureka County District Office PO Box 694 Eureka, NV 89316 | (775) 237-5263 |
| Humboldt County District Office 50 West 5th Street, Room #207 Winnemucca, NV 89445 | (775) 623-6371 [email protected] |
| Lander County District Court 50 State Rte. 305 Battle Mountain, NV 89820 | (775) 635-1332 |
| Lincoln County District Court 181 North Main Street, Suite 208 Pioche, NV 89043 | (775) 962-8000 |
| Lyon County District Court 911 Harvey Way Yerington, NV 89447 | (775) 463-6571 |
| Mineral County District Court 105 S. A Street Hawthorne Mineral, NV 89415 | (775) 945-0738 |
| Nye County District Court 1520 East Basin Ave. #105 Pahrump, NV 89060 | (775) 751-4210 |
| Pershing County District Court 400 Main Street PO Box H Lovelock, NV 89419 | (775) 273-2105 |
| Storey County District Court 26 South B Street Drawer D Virginia City, NV 89440 | (775) 847-0969 [email protected] |
| Washoe County District Court 1 South Sierra Street Reno, NV 89501 | (775) 328-3110 |
| White Pine County District Court 801 Clark Street, Suite 4 Ely, NV 89301 | (775) 293-6509 |
