What is a “Waiver of Bond”?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 11 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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.