Legal Question in Wills and Trusts in Florida

Re: Meaning of Petition

Unless waived by will provision or waiver such as the one you received, a personal representative is usually required to post bond during probate administration. This is a safety net in case the PR asks improperly and is financially liable for his actions. It acts as a security deposit against possible liability. This bond can involve quite a bit of money and can be a hardship to come up with for some PR's. In my experience, the requirement is usually waived but I can't tell you to do so. If you are worried about signing the waiver, consult an attorney to examine the risks involved with this particular estate and administration.

Re: Meaning of Petition

Atty Oatley is correct, the bond requirement is a protection devise for the benficiaries of a trust. Normally, if the Settlor (creator) of a trust does not desire a bond, then there will be language to that effect in the trust instrument itself.

Now, if this is a successor trustee who was not named in the original trust instrument, then there is an automatic requirement of a bond. In Jan 2005 there will be a revised section of the Probate Code that allows for beneficiaries to waive this requirement, but, for now, there must be a Petition and Points and Authorities to support the Petition filed to circumvent the current law.

One question you may want to ask the curren trustee is 'why'. Why do they want the bond requirement waived? Is it financial hardship? Is there an alterior motive?

I would actually recommend that you have an estate planning attorney review the original trust as well as the proposed Petition.

Our office can assist you with this if you so desire. Please feel free to contact us if you would like any additional help or if you would like us to review the documentation for you.

I am avaialable at my office, 626-578-0708, or through our firm's web site at www.No-Probate.com.

Scott