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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 54848
Experience:  29 years of experience practicing law, including tax and estate planning.
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I live in Nashville and my brother lives in Memphis. Our

Customer Question

I live in Nashville and my brother lives in Memphis. Our father died and my brother has been handling the estate matters. My brother has requested a "Waiver of Born" from to be signed by me and my sister in Nashville. What does this mean? Are we giving my brother total control of the decision making over the estate in Memphis? Should all three names be on the Waiver of Bond?
Concerned Sister
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Good morning. My name is ***** ***** I look forward to helping you.

Typically, when an executor is appointed, a bond is required so that if the executor were to steal or misappropriate funds, the beneficiaries could pursue the bond company to be made up. The bond is simply an insurance policy to protect you from the executor's misdeeds. It doesn't absolve the executor from his fiduciary duty, its just that many time if the executor steals from the estate, he doesn't have any of the money left by the time you discover it. As executor, he still has control with or without the bond. It's just that this gives you a back up in case he's not honest. I typically don't recommend you waive the bond if you have any doubt that you might be a risk for getting shortchanged in the administration of the estate.

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