7 Facts About Bonds In California Probate Administration

During the probate administration process, the court may require that the personal representative provide a bond. Bonds during California Probate are protection.

Facts about Bonds in California Probate:

• A bond is designed to protect interested persons to an estate against wrongdoing by a personal representative.
• If a will contains a clause that waives the requirement for a bond, it is not necessary during a California probate administration.
• A bond is also not required if all of the beneficiaries sign a waiver of the bond requirement that is attached to the Petition for Probate.
• Furthermore, if the personal representative lives outside of California, the probate court will often require a bond, even if the Will waives it.
• The amount of the bond is determined based upon the estimated value of the decedent’s personal property, real property, and annual gross income of all estate property.
• To reduce a bond, a personal representative can request that his or her authority be limited in scope.
• In conclusion, a bond can also be reduced by agreeing to deposit marketable securities or cash into a blocked bank account that cannot be withdrawn without a court order.

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