Maine Personal Representative Bond

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Maine Personal Representative Bond: A Comprehensive Guide

This guide provides information for insurance agents to help their customers obtain a Maine Personal Representative bond.

At a Glance:

  • Average Cost: Calculated based on a tiered structure
  • Bond Amount: Determined on a case-by-case basis (more on this later)
  • Who Needs it: Certain personal representatives handling the estates of deceased Maine residents or property owners
  • Purpose: To ensure estate beneficiaries and creditors receive compensation if the personal representative mishandles the estate’s assets
  • Who Regulates Personal Representatives in Maine: The probate court of the county where the deceased individual resided or had property
Maine Personal Representative Bond Form
Maine Personal Representative Bond Form


Maine Statute 3-103 requires all personal representatives of an estate to be appointed by a court before assuming their fiduciary duties. The Maine legislature enacted the appointment requirement to ensure that personal representatives do not mismanage the estate’s assets. To provide financial security for the enforcement of this requirement, the court may require the personal representative to purchase a probate surety bond to be eligible for appointment.

What is the Purpose of the Maine Personal Representative Bond?

Maine 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 Maine Statute 3-606. Specifically, the bond protects beneficiaries and creditors if the personal representative engages in any 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 Can an Insurance Agent Obtain a Maine Personal Representative Surety Bond?

BondExchange makes obtaining a Maine Personal Representative bond easy. Simply login to your account and use our keyword search to find the “Probate” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone (800) 438-1162, email or chat from 7:30 AM to 7:00 PM EST to assist you.

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How is the Bond Amount Determined?

Maine Statute 3-604 dictates that the bond must be in the amount specified in the deceased individual’s will. If no amount was specified, then the bond amount must be equal to the personal representative’s best estimate of the value of the estate’s personal property as well as the estimated income the estate’s real and personal property will generate over the next year. The bond amount may be reduced by the value of any of the estate’s property that is deposited with a domestic financial institution that prevents their unauthorized disposition.

Any interested person, including the personal representative, may petition the court to increase or reduce the required bond amount.

What are the Underwriting Requirements for the Maine Personal Representative Bond?

Most surety companies will examine the following factors when determining eligibility for the Maine Personal Representative bond:

  • Personal representative’s credit history (not considered for bonds with limits less than $25,000)
  • Whether or not the estate has an attorney (not considered for bonds with limits less than $25,000)
  • How long the fiduciary appointment is for
  • Whether or not the personal representative is replacing a prior fiduciary
  • If the personal representative 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
  • If the bond is being required by a creditor

How Much Does the Maine Personal Representative Bond Cost?

Surety companies typically determine the premium rate for personal representative bonds based on a tiered structure. As a result, larger bond amounts will be charged a lower premium rate than smaller bonds.

The following table illustrates the pricing structure for the Maine Personal Representative bond:

$1,500,000 Personal Representative Bond Cost

Bond Amount Premium Rate Total Bond Cost
First $20,000 0.75% $150
Next $40,000 0.60% $240
Next $140,000 0.50% $700
Next $300,000 0.375% $1,125
Next $1,000,000 0.25% $2,500
Total cost of $4,715

Who is Required to Purchase the Maine Personal Representative Bond?

Maine requires certain personal representatives to purchase a surety bond as a prerequisite to obtaining a fiduciary appointment. Personal representatives are required to purchase a bond in the following situations:

  • They are a special administrator
  • The will explicitly requires one
  • During informal proceedings, a person or creditor with an interest in the estate of at least $5,000 requests a bond be required
  • During formal proceedings, the court determines a bond is needed to protect the interests of the estate’s beneficiaries and creditors

To paraphrase Maine Statute 1-201, a personal representative is a court-appointed fiduciary responsible for administering a deceased individual’s estate. Personal representatives are referred to as executors if the deceased individual nominated them in their will (testate), and administrators if they were not nominated if no will exists (intestate). Additionally, a special administrator is a personal representative that has been temporarily appointed to administer an estate before a general personal representative is appointed.

Maine Personal Representative Bond

How do Personal Representatives Become Appointed in Maine?

Personal representatives in Maine must navigate several steps to become court-appointed fiduciaries. Below are the general guidelines, but applicants should refer to Maine’s probate code for details on the process.

Step 1 – Meet the Qualifications

Persons are ineligible for appointment as a personal representative if they are:

    • Under 18 years old
    • Deemed unfit by the court

Step 2 – Determine Priority

Priority to serve as a personal representative is granted in the following order:

    • Persons nominated in the will
    • The surviving spouse, provided they are entitled to some or all of the estate’s real property
    • Other persons entitled to some or all of the estate’s property
    • The surviving spouse
    • The surviving domestic partner
    • Any other heir
    • Any creditor, provided the deceased individual has been dead for at least 45 days
    • The State Tax Assessor, provided that the deceased individual has been dead for at least 6 months

Any person with priority may nominate another qualified person to serve in their place. If an objection to the appointment of a specific personal representative is made in a formal proceeding, then the order of priority outlined above still stands, except in the following situations:

    • The court may appoint any qualified person if the estate seems capable of meeting exemptions and costs of administration but incapable of discharging unsecured claims and any creditor petitions them to do so
    • If any estate beneficiary objects to an appointment (other than for a person nominated in the will) the court may appoint a person that is acceptable to all devisees and is entitled to more than half the distributable value of the estate, or in the absence of such a person, any qualified person.

Step 3 – Hire an Attorney

Although not explicitly required, it is highly recommended that personal representatives hire an attorney to assist with the probate process.

Step 4 – Determine the Estate Administration Type

Maine has four distinct estate administration types, as outlined below:

    • Small Estate: Allows the personal representative to settle the estate by filing an affidavit with the court and distribute the estate’s property without court supervision. Small estate administration is available to estates worth less than $40,000.
    • Informal Probate: Allows the personal representative to administer the estate with minimal court supervision.
    • Formal Testacy: Litigation to determine the validity of the will or the appointment of the personal representative. The court is highly involved in the administration of the estate. Formal testacy occurs when an interested person petitions the court to start it.
    • Supervised Administration: The personal representative is closely monitored by the court when administering the estate.

Step 5 – Contact the Court

Personal representatives must contact the probate court of the county with jurisdiction over the deceased individual’s estate. A representative of the court will walk the personal representative through the appointment process, provide them with all required forms, and answer any questions they may have.

Step 6 – Purchase a Surety Bond

Unless otherwise exempt, personal representatives must purchase and maintain a surety bond (limits outlined above).

How do Maine Personal Representatives File Their Bonds?

Personal representatives should submit their completed bond forms, including the power of attorney, to the probate court of the county with jurisdiction over the estate.

The surety bond requires signatures from the company that issues the bond and the personal representative. The surety company should include the following information on the bond form:

  • Legal name, state, and county of the entity/individual(s) buying the bond
  • Surety company’s name, address, and state of incorporation
  • Court where the bond is to be filed
  • Bond amount
  • Name and address of the deceased individual
  • Date the bond is signed

What can Maine Personal Representatives do to Avoid Claims Made Against Their Bonds?

To avoid claims against their bonds, personal representatives in Maine must ensure that they:

  • Submit to the court a full inventory of the estate within three months of being appointed
  • Properly distribute the estate’s assets
  • Render to the court a full account of their administration activities within one year of being appointed
  • Deliver the letters of administration to the court in the event any will is found and proved
  • Account for three times the amount of any injury done to any real estate of the deceased in the event the estate is represented insolvent


Maine Personal Representative Bond