Miami Personal representatives are required to properly account for, manage and dispense estate assets as required by the will, the probate court and Florida law. The personal representative must exercise a fiduciary duty of care and loyalty on behalf of the estate and its beneficiaries. In order for a person to receive letters of appointment by the probate court, a personal representative is required to submit a bond, though this is not always required by Florida courts.
The bond functions as a sort of insurance which will cover any potential losses or damages that could result in the personal representative’s execution of the estate. When a bond is required it must be posted before appointment ad Personal Representative and it remains in place until the end of the probate process when the personal representative is finally released from duties. An approved bond entered by a candidate who was not named in the will as a personal representative, has the same legal force as an appointment made via a will.
A bond can be denied by a bond agency for several reasons. The decision to grant a bond is often based on factors such as the applicant’s credit score, previous criminal and non-criminal conduct of the applicant, and the particular circumstances surrounding the estate that the bond is being requested for. If a bond company determines that there is significant potential for estate theft by the personal representative than the bond will definitely be denied. However, there are some options available so that you can still be a personal representative even if your bond is denied.
The court can do away with the bond requirement upon request of the estate’s beneficiaries. The formal request must be submitted to the court as a statement requesting the commencement of proceedings without the personal representative bond. The bond requirement may also possibly be done away with if the decedent’s will specifically nominated the candidate to serve as the personal representative for the estate. Lastly, if the probate proceedings are moved to a different jurisdiction because of unrelated issues the bond requirement can be removed if the new jurisdiction does not require a bond.
The bond requirement may be onerous in nature but is required in order to ensure the protection of the estate. A personal representative bond requirement can be waived upon request of an estate’s beneficiaries, or when the will officially nominates a person to serve as personal representative without bond.
If you looking for Miami estate representation, contact the Law Offices of Albert Gurevich at (786) 522-1411.