Fairfax, VA Probate Blog

Monday, February 23, 2015

Bond & Surety: Failure of Executor to be Bonded?

Note: A way around the rule is to retain an attorney to serve Jointly with the nominated Executor.

A Last Will & Testament may nominate a person to be an Executor or a person may be nominated by statute to be an Administrator for a decedent who died without a Last Will & Testament. However, that Executor or Administrator cannot serve as personal representative of the decedent’s estate if they are unable to get a Bonding Company to post required “Surety”.

In order to have a bonding company post “Surety” on the behalf of an Executor, the Executor must have a sufficient ratio between assets and income. A nominated Executor who has declared bankruptcy recently, has an insufficient income stream or who have a large debt to asset ratio will likely not be able to secure “Surety”.

If an Executor cannot obtain required “Surety” then that Executor will not be appointed by the court and another person will be required to be appointed.

The Lenzi Law Firm, PLLC assists clients throughout Northern Virginia and Washington D.C. including Fort Washington, Falls Church, Ft. Myer, Vienna, Rosslyn, Springfield, Mount Vernon, Annandale, Fort Belvoir, Fairfax, Dunn Loring, Merrifield, McLean, Oakton, Reston, Burke, Great Falls, Fredericksburg, Stafford and Herndon in Arlington County, Alexandria County, & Fairfax County.

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