Need help with Probate Lawyer and Bond Waiver

[Tain]

A family member has passed away and he had no will, the probate lawyer was hired by my aunt. The money was supposed to be split with the whole family but she took it all. Now they are selling his house and wanting us to sign a Bond waiver so she may be in charge. The lawyer is telling us we have to sign it to move forward. My sister and I are worried that if we sign this, she will do the same thing and screw our family over again. What is the best course of action that we can do? do we really have to sign it?

thanks

 

[Zigner]

A family member has passed away and he had no will, the probate lawyer was hired by my aunt. The money was supposed to be split with the whole family but she took it all. Now they are selling his house and wanting us to sign a Bond waiver so she may be in charge. The lawyer is telling us we have to sign it to move forward. My sister and I are worried that if we sign this, she will do the same thing and screw our family over again. What is the best course of action that we can do? do we really have to sign it?

thanks

What US state?

 

[Dandy Don]

How are you and your sister related to the deceased family member--was he your uncle?

Have you been to the county courthouse to look at the probate file to make sure that you and your sister are listed as heirs?

The lawyer is representing your AUNT's interest and does not really care about the beneficiaries.

You would be wise NOT to sign it:

Bond (in terms of a probate) is a type of fiduciary insurance policy that insures against the Personal Representative improperly administering the estate or stealing assets. In order to qualify for bond, the Personal Rep needs to either have good credit and a net worth that equals the value of the estate, or find someone who meets those qualifications to co-sign as a guarantor.
The main reason that a nominated Personal Representative will ask other family members to waive bond is the PR can’t qualify because he or she has bad credit or does not have a sufficient net worth. This is a bad sign. Do you want someone who the credit reporting agencies recognize as a bad money manager being in charge of your loved one’s estate? Probably not.
You don’t have to be nice. It’s okay to protect yourself. Require the PR to post bond. It will protect yourself in case the PR acts improperly. If you give in, and sign the Waiver of Bond form, it’s hard to unwind that. If the PR gains control of the estate and steals money or makes bad decisions, you won’t find out for at least six months to a year. By then, the money could be gone. Even if you then file a Petition to remove the Personal Representative and get a judgment against the PR for the missing money, do you really think you can collect against someone with few assets and poor credit? Good luck!

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[justalayman]

A family member has passed away and he had no will, the probate lawyer was hired by my aunt. The money was supposed to be split with the whole family but she took it all. Now they are selling his house and wanting us to sign a Bond waiver so she may be in charge. The lawyer is telling us we have to sign it to move forward. My sister and I are worried that if we sign this, she will do the same thing and screw our family over again. What is the best course of action that we can do? do we really have to sign it?

thanks

With no will the assets must be distributed per the laws of intestate succession of the laws of your unnamed state.

If you are not a first line descendant or the child of a first line descendant it is most likely you would be due nothing.

 

[Dandy Don]

Please explain your comment "the money was supposed to be split with the whole family". Was that written down somewhere? Evidently not, since there seems to be no will.