I am working on a legal paper for guardianship for my children. In the event that something happens to me and my husband I don't want any of our JW relatives to get their grubby hands on them. Any way on this paper it ask a question. The qestion is:
direct that the guardian of the person of our children serve (with or without) bond.
Now for any one who knows what is this bond that they are asking?
I have a legal question
by Tammie 2 Replies latest social family
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Tammie
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blondie
I'm no lawyer and this is no substitute for talking to one about the advisability of bonding but this is my Google research. This may differ by state:
Should your Executor be bonded?
Unless your Will allows the Executor to serve without bond , the court will usually require a bond. The estate pays for the bond. The cost of the bond depends upon the value of the estate, and may range between $200 in a smaller estate to $500 in a larger estate. If you highly trust your Executor, or the Executor is also the main or only beneficiary, you may consider not requiring a bond.Bonding of the Executor:
Bonding means that the Executor of your Will has to obtain a bond to insure the faithful performance of his or her duties . If the Executor steals from the Estate, the beneficiaries can require the bonding company to reimburse their losses . If the executor is a trusted family member, or if the executor is the main or only beneficiary (where he or she would be stealing from him or herself) many Testators do not require the Executor to be bonded. If you do not totally trust the Executor with all of your assets, you will want the executor to be bonded (usually costing the estate approximately $200 to $400 in an estate of $200,000). Remember, the Executor's duties consist of consolidating the Estate, which usually means liquidating your assets into cash and eventually distributing them to the beneficiaries. At some time, the Executor will have a substantial amount of cash available to him or her in the Estate bank account. The bonding is essentially an insurance policy for the protection of your beneficiaries .Blondie(I saw the light)
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blondie
(duplicate)