Establish Bond if Necessary

A bond is like insurance policy against the malfeasance or neglect of a Personal Representative resulting in a loss to the estate up to the maximum amount of the bond. Bonds are required unless the will expressly waives bond or all beneficiaries of the estate waive bond.

The bond amount will be based upon the net value of estate personal property, annual income of estate property plus value of real property if full IAEA powers are granted.

If bond is required, the proposed Personal Representative must obtain and file a bond before the court issues the “Letters” empowering him or her to act.

Probate Code §§ 8480, 8481, & 8482

 

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