Legal Question in Wills and Trusts in New York
What is a waiver of citation, renunciation and consent to appointment of administrator and what does it mean that a bond be dispensed with and hereby specifically release any claim i might have under any bond that may be filed
1 Answer from Attorneys
"Waiver of citation, renunciation and consent to appointment of administrator" - generally means that you consent to the individual that wants to be the Administrator of an estate.
"A bond be dispensed with and hereby specifically release any claim i might have under any bond that may be filed" - generally means that you waive your rights to have the Administrator post a performance bond. A performance bond is when a bonding company gives security (a bond) to make sure that the Administrator performs properly. For example, if the Administrator steals the money, the beneficiaries would be able to look toward the bonding company for reimbursement of lost money.
Mike.