Estate Planning Terms: Executive Bond Waivers

Document Sample
Estate Planning Terms: Executive Bond Waivers Powered By Docstoc
					Estate Planning Terms: Executive Bond Waivers

Once a person dies leaving behind property, someone has to take on the responsibility to manage that
property and then transfer it to new owners. This person, known as an administrator or an executor, has
a special duty to protect the estate property and to see the decedent's wishes are followed. To secure
against any possible mistakes or wrongdoing on the part of the executor, states often require the
executor to post a bond—a specific amount of money—so any damage caused can be repaid. In many
states the bond can be waived but only under specific circumstances. Talk to an attorney in your area
for state-specific advice about bond waivers.

Testamentary Waiver: A person who creates a Will, called a testator, gets to select who serves as his
or her executor. Testators can also choose to let the executor serve without having to post a bond. This
bond waiver is not required to create a Will, but without it the executor will usually have to post a
bond.

Voluntary Waiver: Executors may also be able to waive the bond requirements if they receive a
waiver agreement from the heirs or beneficiaries of the estate. If all the beneficiaries agree to the
waiver in writing, the executor can submit their agreement to the probate court and ask the court to
waive the bond requirements. This may not be possible in all states, so talk to an attorney.

Experienced estate planning attorneys Seattle WA of the Byrd Garrett PLLC offers estate planning and
business planning resources to residents of Seattle WA. To learn more about these free resources, please
visit http://www.byrdgarrett.com today.

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:14
posted:2/15/2012
language:
pages:1
Description: Once a person dies leaving behind property, someone has to take on the responsibility to manage that property and then transfer it to new owners