By Estate Planning Blog | March 18, 2015 at 01:55 PM EDT | No Comments
When an estate goes through Probate in San Diego, the court may require that the personal representative (aka Executor or Administrator) be bonded.
A bond is a form of insurance to replace assets that may be mismanaged or stolen by the estate's personal representative. The bond protects the beneficiaries, heirs, and creditors of the estate. The cost of the bond is paid from the assets of the estate.
A bond may not be required in all circumstances. The decedent's will may waive the requirement to the bond or all of the beneficiaries and heirs may waive the bond, in which case the court will not issue a bond. However,
even if the decedent's will waives the bond or the beneficiaries waive the bond, the court may still require a bond in certain situations, including out-of-state representatives.
A new form for Waiver of Bond by Heir or Beneficiary has been issued for a San Diego Probate estate which informs the heirs and beneficiaries the purpose of the bond and the effects of waiving the bond.
A Probate Bond for a Probate in San Diego is another wrinkle in the Probate process that an experienced attorney can assist the personal representative in managing. Contact Us to assist you in your Probate.
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