In a Sale
What This Means When the House Is Being Sold
Where a will specifically waives bond, or beneficiaries agree in writing to waive it, the personal representative can generally proceed without the added cost and delay of obtaining one. This is common in smaller or straightforward estates among family members who trust each other and want to minimize administration expenses, though it does mean less built-in financial protection if something goes wrong.
Compare
Not to Be Confused With
- This TermWaiver of Bond
- Often Mistaken ForBond
- Often Mistaken ForBlocked Account
What Tells Them Apart
A bond is insurance protecting the estate if the representative mishandles it. A waiver of bond removes that requirement. A blocked account is an alternative some courts accept, restricting the money itself rather than insuring against its loss, which can serve a similar protective purpose without the premium cost of a bond.
Questions
Questions People Ask
Should the beneficiaries waive the bond requirement?
It depends on the estate. Waiving saves the cost and delay of obtaining a bond, which is common in smaller estates among family members who trust each other. It also removes a layer of financial protection if something goes wrong. An attorney can advise on whether it fits a specific situation.