What does “without bond” mean in a Will?

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What does “without bond” mean in a Will?

In my mom’s Will there is a sentence that states as exectutor of my last Will and testament without bond.

Asked on March 18, 2012 under Estate Planning, North Carolina

Answers:

Catherine Taylor / Broadbent & Taylor

Answered 9 years ago | Contributor

If this provision is not included in a person's will, it means that the executor of the state may be required to post a certain sum of money with the court - you can think of it like bail in a criminal matter. The executor, as a fiduciary, owes certain duties to the estate, and by requiring a bond, it places a measure of accountability on the executor to make sure that they do not abuse their power. The bond will protect the estate from losses due to the executor's abuse. That being said, many people name a person as executor that they know, love and trust, and do not wish to add the extra burden of a bond to their responsibilities. It is very common to have the bond waived. 

Steven Fromm / Steven J Fromm & Associates, P.C.

Answered 9 years ago | Contributor

This is a standard provision that means that she can serve as executrix without posting or paying for a bond.  Bonds are sometimes employed to insure that a fiduciary serves honesty and if they fail to do so the bond would protect the beneficiaries against some of the losses. 


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