Legal Question in Wills and Trusts in Arkansas
Waiver of Bond
I received a letter from an attorney advising of my grandfather's death and the naming of my aunt, his daughter, as executrix of his estate. The letter is asking me to sign a waiver of bond. Do I want to do this? What is it really asking and what are the consequences?
2 Answers from Attorneys
Re: Waiver of Bond
Until you know if you are entitled to a share of the estate you should not sign anything.
A bond guarantees good performance.
Re: Waiver of Bond
A bond is required of a person who is an executrix to ensure that they are responsible for the assets they are handling. Sometimes, particularly between family members, heirs waive the bond so that the executrix isn't required to have one.
Is there a will? If not, you may want to make sure that you are going to receive your fair portion of the estate.
Where in AR did he last live? Did he have many assets, such as money, real estate, etc.?
You are not foregoing any rights by not requiring a bond, but if something ends up missing, there is someone to hold accountable, if it is the executrix's fault, and she is bonded.
If you sign the Waiver of Bond, the next thing they may ask is for you to sign a Waiver of Inventory and Accounting. That would be a more serious waiver of rights, since that allows them not to have to list out the assets that will be divided.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
