Date Published: September 27, 2023
In California, you must post a probate bond before you can begin your duties as personal representative of an estate. The court will require you to post a bond unless the will waives the bond requirement or all of the beneficiaries agree to waive the bond. The purpose of the probate bond is to protect the estate and its beneficiaries in case the personal representative mismanages the estate, steals any of the estate’s assets, or if there is no will.
- The estimated value of the estate’s personal property
- The estimated annual gross income of the estate
- The estimated value of the deceased individual’s interest in any real property that will be independently administered by the personal representative
The bond amount cannot exceed the total of these three factors. The court may also reduce the bond amount if the personal representative deposits some or all of the estate’s assets in an insured financial institution, provided that the assets cannot be withdrawn without court approval. You can purchase a probate bond by clicking here.
Once you have purchased a probate bond, you must file the bond with the court. The court will then review the bond and approve it if it meets all of the requirements. After the court has approved the bond, you can begin your duties as personal representative. You will be responsible for managing the estate’s assets, paying off the estate’s debts, and distributing the remaining assets to the beneficiaries.
If you have any questions about probate bonds in California, you should consult with an experienced probate attorney.
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