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Started By
Message
Estate bond
Posted on 9/6/24 at 7:09 pm
Posted on 9/6/24 at 7:09 pm
So my attorney has informed me that I have been appointed administrator over all the affairs associated with the passing of my wife, as I was hoping would happen. Now she is asking for $10,000 cash bond or I need to get it another way. Can someone explain this too me? Why? I will get this back right? I can pull out 10% of a CD without getting penalized so I can get the cash. Again this is in Louisiana
3
Posted on 9/6/24 at 7:41 pm to Julz5198
There are companies that issue these bonds. A 10k bond will be like $200. Your attorney should have a bond company they can refer you to
Posted on 9/6/24 at 7:52 pm to Julz5198
I’m not an attorney, but I believe in LA you can petition the court to waive the bond, particularly if you’re the heir anyway.
Executors of an estate are not required to have one in LA outside of specific situations, but administrators do require one.
Did she die without a will? Just curious why you’re not the executor instead.
Executors of an estate are not required to have one in LA outside of specific situations, but administrators do require one.
Did she die without a will? Just curious why you’re not the executor instead.
Posted on 9/6/24 at 7:57 pm to TheOcean
My attorney has provided info on someone that can do that but why not save the $200? Again, I will get this back correct? When?
Posted on 9/6/24 at 8:25 pm to Julz5198
No, you won't get the $200 back.
Posted on 9/6/24 at 8:54 pm to Julz5198
quote:
attorney has provided info on someone that can do that but why not save the $200? Again, I will get this back correct? When?
You will not get it back.
Call a local insurance broker.
Or maybe go through CNA Surety directly.
Posted on 9/6/24 at 8:55 pm to Julz5198
You either provide the entire bond and get it back after or you pay a much smaller premium and lose it permanently. No different than a bail bondsman.
Posted on 9/6/24 at 9:10 pm to Julz5198
Why is this even a question. Is the estate worth less than $200?
Posted on 9/6/24 at 9:44 pm to Drizzt
quote:
Why is this even a question. Is the estate worth less than $200?
Outside of the will explicitly requesting it, the bond is typically 125% or the value of the estate. In this case that would be an $8,000 estate, but OP can request it be waived, particularly if he’s the only heir too.
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