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Archiver > BROWN > 1999-11 > 0941998384


From: "Bruce Borrus" <>
Subject: [BROWN-L] Re: Posting Bond
Date: Sun, 7 Nov 1999 10:13:04 -0800


Cindy, I'm sure you'll get a more knowledgeable response to your question
than this, but I am a probate paralegal in Washington State. Nowadays in
Washington, most testators, in their Wills, specify that their executors do
not have to post bond and give them nonintervention powers, which means they
can handle all estate business, including sales, without going to the court
for approval. When there is no will, or in a few other specialized
instances, the administrator or executor must get a bond from a surety
company, usually equal in value to all the liquid assets (cash and
securities, etc.). Then, if the administrator/executor runs off with the
money, the surety company will cover the losses to the estate beneficiaries.
I'm guessing that if the sale of estate property, which is not a liquid
asset, is imminent, the court would require that the bond be increased to
cover the additional liquid assets the executor will soon be in possession
of. In the "olden days," I don't think there was any such thing as
"nonintervention powers" and the court had to approve every sale of an asset
by an executor. In fact, it is still true in many states (not Washington).

Tina
----- Original Message -----
From: Cindy <>
To: <>
Sent: Thursday, November 04, 1999 4:10 PM
Subject: [BROWN-L] Re: posting bond


> A genealogy contact wrote:
> >
> > Based on looking at all the estate bundles from 1822-1876, posting bond
> > when selling real estate that didn't belong to you was not only
> > standard, but required by law.
> >
> > The scenario always went:
> > 1) administrator, executor or guardian wants to sell property
> > 2) if court says yes, court appoints two or three people to appraise
> > 3) the appraisors submit their valuation, including description and
> > sometimes a map
> > 4) administrator, executor or guardian posts additional bond to cover
> > the value of the property
> > 5) the sale takes place (and as you note, it was often a "done deal")
> >
>
> Why did the law require this of administrators, executors or guardians?
> What was the purpose of requiring them to "post bond"?
>
> Who knows about this?
> Cindy Kimes
>
> ---------
> Word meanings:
> "done deal" as in a purchaser may have already been found before going
> to court to obtain permission to sell.
> "wards" as in the under-legal-age parties they were administrator,
> executor or guardian for.
>
> ______________________________

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