What is a “Waiver of Bond”?
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What is a “Waiver of Bond”?
My father passed away 2 years ago; he was one of those people who racked up quite a bit of debt on credit cards before he died. My grandmother is executor of the estate and she recently sent me a waiver of bond to sign. I want to know what happens to me exactly when I submit that form signed? Do I have to pay back any of that debt? From what I understand the form gives my grandmother control of the estate and I won’t have anymore ties to this mess.
Asked on June 9, 2013 under Estate Planning, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
I am so sorry for your loss. A bond is a type of inexpensive insurance policy which is paid for with estate funds. It is a policy that comes in to effect if the executor steals or loses money. This document does not in and of itself give your Grandmother control of the estate, rather it goes hand in hand with the filing of the probate petition which requests that the court appoint her as the Personal Representative of the estate. Regardless, the estate is responsible for the debts not the potential heirs. Good luck.
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