Estate Law Questions? Ask an Estate Lawyer.
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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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