District of Columbia Waiver of Personal Representative'S Bond
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DC requires personal representatives to purchase a surety bond as a prerequisite to obtaining a fiduciary appointment. To paraphrase DC Code 20-101, a personal representative is a court-appointed fiduciary responsible for administering a deceased individual's estate.
A personal representative bond guarantees the performance of specific duties. The personal representative must identify all heirs and creditors, identify and collect the deceased's assets and appraise them, pay all debts and taxes, then distribute the remaining assets to the heirs.
The DC personal representative bond penalty (surety bond amount) is set by the Court genarally in an amount not exceeding the probable maximum value of the personal and D.C. real property of the estate at any time during administration.
Order of payment. (9) All other just claims. (b) No preference shall be given in the payment of any claim over any other claim of the same class, and a claim due and payable shall not be entitled to preference over claims not due.
§ 20?533. A special administrator shall have the duty and all powers necessary to collect, manage, and preserve the property, in addition to any other duties and powers authorized by the Court. Upon the appointment of a personal representative, the special administrator shall account for the property of the decedent.
? Any person having an interest in the estate worth in excess of $1,000, or any creditor having a claim in excess of $1,000, may make a written demand that a personal representative give bond in an amount not exceeding the value of the person's or creditor's interest in the estate.
Requirements. (a) A foreign personal representative of a nondomiciliary shall not be required to obtain letters in the District of Columbia for any purpose.
§ 20?533. A special administrator shall have the duty and all powers necessary to collect, manage, and preserve the property, in addition to any other duties and powers authorized by the Court. Upon the appointment of a personal representative, the special administrator shall account for the property of the decedent.