Legal Question in Wills and Trusts in New York
I received a letter wanting me to sign a waiver of citation renunciation and consent to appointment of administrator . in the middle of said paper it states that a bond be dispensed with/hereby specifically release claim I might have under any bond that is filed. What does that mean?
Asked on 6/15/20, 10:59 am
2 Answers from Attorneys
David Slater
David P. Slater, Esq.
It is a surety bond to insure for malfeasance by the appointed fiduciary.
Answered on 6/15/20, 11:23 am
Richard Bryan
Richard Bryan Attorney PC
It means that you're agreeing the Administrator doesn't have to purchase an insurance policy, which would protect you in case the Administrator makes a mistake during the process, or runs off with the money.
Answered on 6/19/20, 4:42 am
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