For estates up to $1M, an administration bond costs 1% of the bond amount. This is a flat fee regardless of how long the estate is outstanding. For larger estates over $1M this rate can decrease to 0.5% or even lower for very large estates.
Some companies charge annual rates that continue to renew until the bond is returned. This can become expensive especially with complicated estates. In addition, you will need to return the bond to the bond company. A request to court to return the bond can add additional legal costs as well as time and energy. You can avoid these steps when dealing with FCA Surety.
FCA has excellent relationships with the surety markets and underwriters. This allows us to expedite any urgent requests. Once the required documentation is provided by you we can provide Performance Bond approvals within 24-48 hours.
The administration bond guarantees that the executor settles the estate according to the Will or court order. It’s a form of surety bond that protects the beneficiaries and creditors of the estate.
An executor may need an administration bond for various reasons. If you are an executor that lives outside of Canada or outside of the jurisdiction of the estate’s assets, a bond will be required. If there’s no Will or the beneficiaries don’t consent to your appointment, a bond may also be required. Sometimes, when minors are involved as beneficiaries, the court may require a bond to protect their interest in the estate.
FCA Surety Bonds specializes in estate bond matters. We are one of the few brokers that have staff dedicated to estates. This means that we understand the business to ensure a smooth process with fast approvals.
If you’re a lawyer securing a bond on behalf of your client, we can offer programs specifically tailored to your law firm helping you secure bonds for all of your clients in a streamlined fashion. Please give us a call to discuss your firm’s options for a law firm program.
As a long-standing surety brokerage we have excellent working relationships with all of the surety companies currently operating in Canada. Our key partners include:
We know these companies well and understand their underwriting philosophies and principles. This is very important as no two sureties are alike. By understanding the appetites of each company, we are able to place our clients with the right surety partner. This ensures not only excellent terms but also a long-standing relationship that supports the growth and flexibility that our contactors demand.
I required a bond to take over an estate. FCA Insurance was amazing to deal with. Chris Dardarian provided outstanding service, he kept me updated and informed throughout the entire ordeal. He was quick to return my calls and emails and was extremely knowledgeable. The experience was a lot smoother than what I initially anticipated would be a lengthy and stressful process. I would highly recommend FCA to anyone reading this.
My wife needed to obtain a surety bond as part of the process of gaining guardianship for her father. Neither of us were sure of what to do. We contacted FCA, and were connected to Chris. He was very responsive (in the middle of the first wave of the pandemic), and walked us through what we needed to provide. When it came time to finalize the bond, he was definitely on our side. He pushed hard for the best/lowest fee possible so that we could minimize the impact on my wife’s father’s finances. Furthermore, he and the team at FCA made it very easy to finalize the paperwork and obtain the bond. I would highly recommend FCA.
I required a bond to take over an estate requested by the court. FCA Insurance has been amazing to deal with. Chris Dardarian offered impeccable service, was quick to answer all my questions and was extremely knowledgeable. It’s great to deal with such a professional team. They turned what I thought was going to be a long stressful process into a breeze. I couldn’t be more impressed.