Bond Waiver

An excuse from the obligation of having to post a bondA written promise to pay money or do some act if certain circumstances occur or a certain amount of time lapses. Often, administrators, executors, and trustees are required to post a bond before a Court will grant them authority. This is meant to insure beneficiaries against fraud or other misconduct by an administrator, executor, or trustee., for an administratorA person appointed by the probate court to manage the assets and liabilities of an intestate decedent., executorA person who is identified in a decedent’s will as the person the decedent wants to become responsible for administering the decedent’s estate according to the terms and instructions of the will., or trusteeA person who stands in a fiduciary relation to another, having been given legal title to someone else’s property for the benefit of a third party.. A willA legal document which expresses a person’s final wishes about what happens to their property after they pass away, often specifically identifying intended beneficiaries for specific items of property. or trustAn arrangement in which property interests are legally held by one person (the trustee) at the request of another (the settlor) for the benefit of a third party (the beneficiary). itself may authorize a bond waiver, or the relevant parties may all agree to a bond waiver.