Why am I being asked to sign a waiver of bond and should I?
I haven't spoken with my grandfather in years. He recently passed away in May. My aunt, who I haven't spoken with in years as well, has had a paper sent to me asking me and my siblibhs to sign a waiver of bond. I don't exactly know what that means or if I should even trust this. My question is why am I being asked to sign a waiver for the court to waive the bond for my aunt?
I agree with the prior answers. With respect to the bond, its purpose is to insure the performance of the Personal Representative, in other words, if the PR loots the estate and does not distribute the monies to the beneficiaries as required the bonding company has to pay the difference. The bond does cost money which can come out of the eventual distribution since it is paid as an administrative cost of the estate. Its usually waived in smaller estates.
This answer is for general advice and does not create an attorney client relationship with James Mosteller or the Mosteller Law Firm LLC.
Your grandfather likely passed leaving either a will that was silent as to whether the executor must post bond or without a will entirely. In either case, the executor/personal representative must get a bond UNLESS each beneficiary signs a waiver. The idea of the bond is to provide an extra layer of protection to help insure no funny business takes place with the executor/PR. Although in no way is it unusual for beneficiaries to waive the bond requirement just as your aunt is asking, each situation is different and if you feel at all uncomfortable or unsure signing the document you should consult a qualified attorney guidance. Good luck!
