Q: Will excuses the need to post bond for the performance of duties. Do I still need nominal bond in MD?
Maryland probate estate value is $10,000 or more.
Will states: "I hereby excuse those persons named in or appointed pursuant to this Will as Personal Representatives from the necessity of posting any bond or other security for the faithful performance of their respective duties."
Regardless of this statement am I still required to get a minimum nominal bond in the state of Maryland?
From the Maryland Administering Estates guide: "The nominal bond form may be used if bond is excused by the will or if waived..."
In a word, yes, even where a Will waives bond the Register can still require a nominal bond to cover anticipated inheritance tax and other court fees.
Wills almost always waive the bond requirement for monies going to people who may inherit. However the government doesn't particularly care whether the planner trusted the Personal Representative (PR), the Register /Court wants some assurance that the taxes and probate fees are paid. Instead of posting bond the PR may be able to prepay taxes and fees.
While not legal advice I hope that this helps.
Maxwell White agrees with this answer
A: I agree with Ms. Laumann in almost all respects. I've never seen or heard of nominal bond being waived by prepaying taxes or probate costs. I believe that is because the nominal bond also covers potential unfilled claims of creditors, but I haven't researched that in a really long time. The short answers that nominal bond, which is relatively cheap, cannot be waived by the Will.
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