Estate Planning Terms: Executive Bond Waivers Once a person dies leaving behind property, someone has to take

on the responsibility to manage that property and then transfer it to new owners. This person, known as an administrator or an executor, has a special duty to protect the estate property and to see the decedent's wishes are followed. To secure against any possible mistakes or wrongdoing on the part of the executor, states often require the executor to post a bond—a specific amount of money—so any damage caused can be repaid. In many states the bond can be waived but only under specific circumstances. Talk to an attorney in your area for state-specific advice about bond waivers. Testamentary Waiver: A person who creates a Will, called a testator, gets to select who serves as his or her executor. Testators can also choose to let the executor serve without having to post a bond. This bond waiver is not required to create a Will, but without it the executor will usually have to post a bond. Voluntary Waiver: Executors may also be able to waive the bond requirements if they receive a waiver agreement from the heirs or beneficiaries of the estate. If all the beneficiaries agree to the waiver in writing, the executor can submit their agreement to the probate court and ask the court to waive the bond requirements. This may not be possible in all states, so talk to an attorney. Experienced estate planning attorneys Seattle WA of the Byrd Garrett PLLC offers estate planning and business planning resources to residents of Seattle WA. To learn more about these free resources, please visit today.

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