Legal Question in Wills and Trusts in Georgia
what does expressly relieving them of the giving of any bond or the filing of any inventory or the making of any return to court whatsoever mean in a will?
2 Answers from Attorneys
It means that the testator of the will is asking the court to allow the executor not to post a bond with the court, and not to do annual and final returns, and inventories. Assuming a court accepts that request, those powers will be granted.
I can understand about the bond part, but not about the inventory part. Bond is there to make sure that the personal representative does what he/she is supposed to do. If the personal representative does not do his/her job properly and causes some kind of financial loss to the estate, bond protects the heirs since they can make a claim against the bond ni such case. However, getting qualified and finding a bonding company can be difficult and expensive so I recommend that bond be waived where the personal representative is a trusted friend or family member.
I don't know about the waiver of any duty to file an inventgory and accounting. That is required by probate. Depending on the assets and beneficiaries, there can be a simplified form of probate to dispense with some of these requirements, but if there is a more complicated estate, I don't think its a good idea. The person could have made a trust if he/she did not want court involvement.
If the testator is still alive, if its been awhile, I would have the will reviewed by a competent estate planning attorney. Its a good idea to have it periodically reviewed anyway.