Wills backed by bonds

What does it mean to give up the right to be covered by a bond when your are the heir to an estate?

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?

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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