Teri Brown said:
What does it mean to give up the right to be covered by a bond when your are the heir to an estate?
My response:
Bond is security for the estate representative's obligation to faithfully carry out his or her fiduciary duties.
In effect, the bond is an "insurance policy" which guarantees a fund for satisfaction of damages incurred by a breach of trust.
If you are the person who is creating a Will, you may choose to require your Executor, or other Estate representative, to purchase a "bond." However, this is not a legal requirement and, if you feel 100% comfortable that the person you nominate to represent your Estate will do so in an honest, and completely ethical manner, then you can "waive" the requirement of a bond.
IAAL