Legal Question in Wills and Trusts in New York

Administrator's Bond, Life Insurance

Although each of my siblings signed a bond waiver for me to serve as administrator of our brother's estate the judge is still requiring that I get one. We are the only heirs.

I work part-time, have a very modest income, about $1,500 and personal assets of less than $50,000 and am finding it impossible to get a bond. This is holding up everything and really straining our relationships and finances. Any suggestions?

Also my mother was named sole beneficiary of my brother's life insurance policy but actually died years before he did. Is the policy value part of my brother's estate?


Asked on 9/01/08, 6:51 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Administrator's Bond, Life Insurance

Unfortunately, bonding is part of an administration. The cost of the bond is an estate expense, not your cost, personally. While your siblings issued waivers, it is up to the Judge to make the final determination. You do not say what is the size of the estate (probate value) which may effect the size of the bond. Also, you do not say if any secondary beneficiary was named on the life insurance policy. If not, it became part of the probate estate upon your mother's death. If have 2 suggestions: (1) contact the Surrogate and explain the bonding problem, which may result in reduction of the bond, and (2) have a bondable sibling become co-administrator with you.

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Answered on 9/02/08, 1:07 pm


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