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It depends on the state. Not all states require an executor to post a bond and bond amounts vary by states. In any case, the bond is meant to serve as protection against fraud or embezzlement by an executor.
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Can a person out of jail on bond be an executor of an estate?
yes
IHow do you seek restitution from an executor who violated the terms of the will?
You should seek help at the court where the Will was filed. The executor may have posted a bond. You should act immediately.You should seek help at the court where the Will was filed. The executor may have posted a bond. You should act immediately.You should seek help at the court where the Will was filed. The executor may have posted a bond. You should act immediately.You should seek help at the court where the Will was filed. The executor may have posted a bond. You should act immediately.
Do you have to be a resident of the state of NC to be executor of an estate of a parent?
There are no residency requirements for being executor. The beneficiaries do have to be citizens of the US.
What type of bond is required for the executor of an estate and where can it be purchased in Louisiana?
not sure of Louisiana
When does a will get read in Michigan?
There is no formal 'reading of the will.' Only the executor has to read it and execute the requirements.
Can you buy insurance to protect estate assets in case of embezzlement by an executor who buys the insurance or bond?
The bond is required by the court to insure that the executor will distribute all estate assets as instructed. If you don't think the nominated executor is trustworthy you should object to the appointment and explain your reasons to the court. You should seek the advice of an attorney who could explain the bond to you. Embezzlement is a criminal offense and is not commonly committed by executors.
Can an executor of a will demand the beneficiary to fulfill what is on the will and testament?
The executor is responsible to the court to ensure that the will is properly executed. They can request the beneficiaries meet the requirements set in the will or without the bequest.
What is the purpose of being bonded to gain access to deceased husbands assets?
If the will does not specifically state that no bond shall be required of the Executor of the estate, then the Probate Court MAY, place the requirement of such a bond upon you. This bond would become the 'insurance policy" to the estate that you perform and carry out your duties as Executor properly and correctly.
What happens if the executor does not follow the wishs in the will?
They are in breach of their fiduciary duties. They can be sanctioned by the court or forfeit their bond.
When a person dies can anyone sale a bond?
No, not just anyone can sell a bond. In this case it would have to be the executor of the estate. They will have to include the bond in the inventory and assets. Their letter of authority from the probate court will allow them to sell the bond.
Can you cash a savings bond for someone who is deceased if you have power of attorney?
Power of attorney is not valid after the death of the principle. You will have to be appointed executor to cash a savings bond.
How do you change the executor in a will in New York state do you need a lawyer?
An attorney is a good idea but not required. A codicil can be created that changes the executor, but it must meet all the proper requirements.
