WHAT'S A PROBATE BOND OR ESTATE BOND? WHY AND WHEN DO YOU NEED ONE?

Описание: What is a Probate or Estate Bond? And why and When do you need one? Per California Probate Code section 8480 - 8488 Article 5. Every person appointed as personal representatives shall, before letters are issued, give a bond approved by the court. If there are 2 or more personal representatives the courts may require a separate bond from each or a joint an several bond. If the personal representative fails to give the required bond, the authority to administer the estate will not be granted.

Here are some circumstances where a bond is not required, when a Will waives the bond requirement. When all beneficiaries waive the bond requirement in writing. This would not apply if the will requires a bond. Also, the probate court may for good cause require a bond be given either before or after issuance of Letters of Administration. Know that at its discretion the probate court may fix the amount of the bond however, the bond amount may not exceed the sum of the estimated personal property value, the probable annual gross income of the estate, there are additional guidelines.

Timecodes
0:00 - Intro
0:53 - What is a Probate Bond?
1:15 - What happens if a claim is made?
1:33 - Qualifying for a Bond?
2:18 - Who needs a Bond?
2:50 - When is a Bond required?
3:13 - When does the court not require a bond?
3:34 - How to get a bond?
3:54 - How much does a bond cost?

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