Q: To sign waiver of bond by heir or beneficiary for my late mom's estate which still has a loan balance, what does it do?
My mother died this year, and my sister is asking me to sign it. I would like to know how it affect me. Anything needs to be careful?
A: I'm sorry to hear about your mom's passing. The purpose of a probate bond in California probate is to protect the estate in case the value of the estate declines as a result of the personal representative's mismanagement or misconduct. If that is the case, then the bond will be freed to make the estate whole again. Absent waivers, the court may require a bond-- typically $20,000 which costs only $100. In addition, if your mom had a Will, then the Will may waive the bond requirement.
James Edward Berge agrees with this answer
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