7 Facts About Bonds In California Probate Administration
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During the probate administration process in San Diego, the court may require that the personal representative provide a bond. Learn more about bonds in California probate here. If you are attempting to administer an estate that requires a bond, contact an experienced California probate administration attorney for guidance. You may also take a look at our helpful facts about bonds in California probate:
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can also be reduced by agreeing to deposit marketable securities or cash into a blocked bank account that cannot be withdrawn without a court order.
A legal professional can assist you in determining whether a bond is required and how to obtain it. To learn more about probate administration, view our free guide, The Insider’s Guide to California Probate and Trust Administration. Call a San Diego probate attorney today for more information at (888) 443-6590. We look forward to speaking with you!