Legal Question in Wills and Trusts in California
Bond requirement
My grandmother's estate has just a house and she left no will. Now, we would like to probate it, but nobody wants to put up any money. We understand there is a bond requirement. Is there a way to avoid paying a bond? There are a few that probably won't sign a waiver. We understand that we may be able to get it waived if we select limited IAEA authority. Is that correct. Also, if we decide we want to sell the house, when is the bond for the value of the house required, at the time we put the house up for sale, or when a bid on the house comes in? Can the bond be paid after the sale of the house? Thank you.
1 Answer from Attorneys
Re: Bond requirement
In the situation you describe, it would be up to the Judge's discretion as to whether a bond could be waived or not if you select limited IAEA authority. If the proposed personal representative (executor/administrator) does not live in California, the Judge would probably require a bond, even if everyone agreed to waive it.
And even if the proposed personal representative lives in California, if there's no will waiving bond, then most likely the only way you'll get it waived is if everyone agrees.
As for the sale of the house ... usually the increased bond wouldn't be required until the house is sold - as long as you need court permission for the sale. The bond would probably have to be in place at the time the escrow closes. In a recent case, though, I got the court to waive the bond because we placed the sales proceeds directly into a blocked account. That might work - again, it depends on the judge.
I would be happy to assist.
www.calprobate.com
This information is not intended to substitute for professional legal advice and does not create an attorney-client relationship. You should accept legal advice only from a licensed legal professional with whom you have an attorney-client relationship.
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