Legal Question in Wills and Trusts in Kentucky

Surety Bond? Yes or No

My father recently passed on and named my sister as executor of his estate. Myself and both sisters (including executor) are equal beneficiaries in his will. The issue of a surety bond has come up and I am wondering if this is a common practice or a ''matter of trust''? By waiving the right to a surety bond, are we signing away the right to hold the executor accountable? Do we still have legal access to all information regarding the case? Please Help! Thanks!


Asked on 12/19/06, 10:05 am

1 Answer from Attorneys
Philip Owens Philip M. Owens, Attorney at Law

Re: Surety Bond? Yes or No

Kentucky law requires a bond on persons such as Executors, etc. the requirements for surety can be waived. A surety is a third-party guarantor that the person giving the bond will perform the appropriate duties. An Executor has very limited authority and it is common practice for close families to waive the surety requirement so that the process can go forward. If you are concerned about your sister's honesty then by all means demand a surety on her bond. This can be a person but in a lot of cases, especially in large estates, the surety is an insurance company, the cost of which comes out of the estate thus reducing any share that you may receive. Your sister would still be bound on her bond even if there was no surety.

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Answered on 12/19/06, 12:44 pm


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