In California, probate bonds are an “insurance policy” which guarantees a fund for satisfaction of damages incurred by a breach of trust committed by the estate’s representative. The Los Angeles Superiour Court has some of the rules pertaining to bonds on its website which you can read here. Probate bonds may be required as security for the estate representative’s obligation to faithfully carry out his or her fiduciary duties.
When examining the issue of a probate bond, consider these topics:
When is bond required Does the Will waive bond Will the beneficiaries or heirs sign a written waiver of bond Is there alternative security in lieu of bond What is the statutory maximum/minimum amount of the bond How do you determine the estate’s value for purposes of bond Are separate bonds needed for multiple representatives Can you use a “blocked account” deposit to reduce the initial bond Does the initial bond need to be increased
Consult with a California probate attorney about these and other probate questions. Call attorney Mitchell A. Port at (310) 559-5259.