Executor bonded

Discussion in 'Legal Terminology' started by fnix, Dec 9, 2012.

  1. fnix

    fnix New Member

    mexican spanish
    ''Unless your Will allows the Executor to serve without bond, the court will usually require a bond. The estate pays for the bond. The cost of the bond depends upon the value of the estate, and may range between $200 in a smaller estate to $500 in a larger estate.''

    Bond. I've found it like vínculo, enlace, contrato. I'm guessing is something like hipoteca

    Thanks for your help
    Last edited: Dec 9, 2012
  2. fnix

    fnix New Member

    mexican spanish
    ''the right to sell, trade, or borrow against real property of the Estate''

    another phrase I can't quite translate
    Last edited: Dec 9, 2012
  3. RicardoElAbogado Senior Member

    SF Bay Area, California
    American English
    The rules require one subject per thread so if you want help on the second post, you are probably better served by starting a new thread with that in the title.

    "Bond" does not mean mortgage. In this context it refers to a surety bond. Under the laws of most states, if a person serves as an executor of an estate, unless the will waives the requirement, the executor has to procure a bond from an insurance company. This bond provides that the insurance company will make good if the executor commits certain types of wrongdoing, such as stealing the money from the estate. Of course, the insurance company charges a premium for that since it is assuming a risk. This is why many wills waive the requirement, particularly when the executor is a spouse or child of the decedent.

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