SECURED DEBT – A Secured Debt is a debt where the loan is secured by collateral.  Examples of such debts include mortgages and car loans where the lender holds the home or the vehicle as collateral and may seize the collateral if the loan is not paid.

SMALL ESTATE - A Small Estate is an Estate with total Probate assets of less than $50,000.  If the decedent’s spouse is the only heir, then that threshold is total Probate assets of less than $100,000.  Small Estates enjoy an abbreviated Probate process in regard to the amount of required administration and filings.

SURETY BOND - A Surety Bond, also known as a Nominal Bond or Bond of Personal Representative, is posted by the Personal Representative of an Estate as required by the Court.  A surety bond is a three-party contract where an insurance company guarantees to the Court that a Personal Representative will fulfill their contractual or legal obligations. If the Personal Representative fails to meet these obligations, the insurance company is responsible for paying the Court to ensure the contract is completed or to cover damages incurred by the Court.