Q: What does it mean for a estate beneficiary to "revoke the waiver of bond" they had previously signed
A:
The general rule is that any "fiduciary" ( a person in a position of trust, one who handles someone's money) should be bonded; in other words, there should be some insurance obtained to protect the owners in the event the fiduciary turns out to be dishonest and steals some of the money). The executor of a will or the administrator of an intestate estate ( where there is no will) is a fiduciary and under the general rule, they should be bonded. However, the heirs on these situations can agree to allow the executor/administrator to serve without bond.
As mention before, the bond is simply an insurance policy, and its cost depends on the size of the estate. To avoid the expense of the bond, ( it would have to be paid from the deceased money) sometimes the heirs agree to "waive" the bond, or as mentioned, allow the executor to serve with no bond. In this case, it sounds like some heir has changed their mind- they signed a waiver ( agreeing to no bond) but now, they want to back out of that so they are "revoking" their waiver.
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