Personal Representative With Or Without Bond
Description
How to fill out Florida Personal Representative's Deed Of Distribution?
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FAQ
A personal representative and an administrator serve similar roles in managing an estate, but they differ in some aspects. A personal representative can refer to anyone appointed to manage a decedent's estate, while an administrator is specifically a personal representative appointed by the court when no will exists. Understanding these differences can help clarify the process of handling an estate, whether with or without bond.
A bond is not required if there is a will and the will waives the requirement of a bond for the person who is appointed. A bond is also not required for corporate fiduciaries who serve as the personal representative.
The plaintiff must furnish a bond, often in an amount twice the value of the goods being attached. The bond guarantees to pay all damages sustained by the defendant if it is finally determined that the attachment or replevin should not have been issued.
NC Form AOC-E-404, which may also referred to as Waiver Of Personal Representative's Bond, is a probate form in North Carolina. It is used by executors, personal representatives, trustees, guardians & other related parties during the probate & estate settlement process.
If there is no will, an heirship proceeding is done with court supervision to have the heirs judicially determined and a personal representative appointed to administer the estate. Texas law allows all the heirs, once they have been determined, to elect for an independent administration.
In legal terms the bond of a personal representative protects the estate from the misfeasance, malfeasance and nonfeasance of the fiduciary. If you need to identify an attorney with probate experience we recommend Martindale.