Q: What does it mean when a bond is not waived in a decedent's testate estate will?
A: In an Oregon probate a bond is essentially an insurance policy protecting the heirs and creditors. If the Personal Representative stole money from the estate the bond company would reimburse the estate and go after the Personal Representative for the money personally. Most of the time the bond is waived when someone has a Will because they have nominated a Personal Representative they trust. However, if the Will is homemade or printed from an internet form it is possible that the Will does not include language waiving the bond. In this case the individual who wants to be appointed as Personal Representative must undergo a credit check to qualify for the bond. The estate will pay for the bond. If the estate is open for more than one year the estate will have to pay for renewal of the bond.
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