A Bond is a protection for beneficiaries against wrongdoing
by the estate Administrator or Executor. If a Bond is required, the estate will
reimburse for the cost of the bond so it is the beneficiaries who all
ultimately pay to have the Bond issued.
The amount of the Bond is set by the Probate Court or
specified in a Will. If a Will does not specify anything regarding Bond, or if
there is no Will, the court will set this at what the court deems to be
reasonable for the size of the estate.
The Bond requirement can be waived either by the Will
specifically stating the Executor will not be required to have a Bond, or if
all beneficiaries waive a Bond being required in writing.