Deed Personal Representative Without Bond
Description
How to fill out Colorado Deed Of Distribution - Personal Representative To Two Individuals?
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FAQ
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.
Generally, the person who oversees your estate is known as your ?personal representative.? California law also refers to a personal representative as an ?executor? or ?administrator.? All three terms describe the same function, although there is a legal distinction between their method of appointment.
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.
A personal representative (or legal personal representative), also known as the executor, is the individual chosen to administer the estate of a deceased person. They are designated as such by the decedent or by a court.
Yes, it's quite common for the personal representative to also be the beneficiary. Oftentimes, that personal representative/beneficiary is a surviving spouse or immediate family member.