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Pennsylvania Waiver of Fiduciary Bond

Pennsylvania Waiver of Fiduciary Bond

Name: Pennsylvania Waiver of Fiduciary Bond
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.59 (352 reviews)

Category:

Pennsylvania Local County - Berks - Register of Wills

State:

Pennsylvania

Control #:

PA-SKU-0757

Format:

Instant download

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Description

Waiver of Fiduciary Bond The Pennsylvania Waiver of Fiduciary Bond is a form issued by the state of Pennsylvania to waive the requirement of an individual or business to obtain a fiduciary bond, also known as a surety bond. A fiduciary bond is a type of surety bond that guarantees the performance of a fiduciary duty, such as the faithful management of assets held in trust. This type of bond ensures that a fiduciary will act in accordance with their duties and responsibilities, and that any losses which may arise due to their negligence or wrongful acts will be covered by the surety company that issued the bond. There are two types of Pennsylvania Waiver of Fiduciary Bond: the Pennsylvania Waiver of Fiduciary Bond for Personal Representatives and the Pennsylvania Waiver of Fiduciary Bond for Trustees. The Pennsylvania Waiver of Fiduciary Bond for Personal Representatives is issued to waive the requirement for an individual to obtain a surety bond when they are appointed as a personal representative of someone who has passed away. The Pennsylvania Waiver of Fiduciary Bond for Trustees is issued to waive the requirement for trustees of a trust to obtain a fiduciary bond. Both waivers are signed by the applicable court and are legally binding documents.

The Pennsylvania Waiver of Fiduciary Bond is a form issued by the state of Pennsylvania to waive the requirement of an individual or business to obtain a fiduciary bond, also known as a surety bond. A fiduciary bond is a type of surety bond that guarantees the performance of a fiduciary duty, such as the faithful management of assets held in trust. This type of bond ensures that a fiduciary will act in accordance with their duties and responsibilities, and that any losses which may arise due to their negligence or wrongful acts will be covered by the surety company that issued the bond. There are two types of Pennsylvania Waiver of Fiduciary Bond: the Pennsylvania Waiver of Fiduciary Bond for Personal Representatives and the Pennsylvania Waiver of Fiduciary Bond for Trustees. The Pennsylvania Waiver of Fiduciary Bond for Personal Representatives is issued to waive the requirement for an individual to obtain a surety bond when they are appointed as a personal representative of someone who has passed away. The Pennsylvania Waiver of Fiduciary Bond for Trustees is issued to waive the requirement for trustees of a trust to obtain a fiduciary bond. Both waivers are signed by the applicable court and are legally binding documents.

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Pennsylvania offers a simplified probate process for small estates, which state law defines as estates that contain no more than $50,000 in assets.

Notary surety bonds are contracts wherein the surety (an insurance company authorized to do business in Pennsylvania) has agreed to pay losses, up to $10,000, caused by the failure of the notary public to faithfully perform the duties and responsibilities of a notary public.

The bond premiums are normally calculated at one-half of one percent (0.5%), which is equal to $500 for every $100,000 of estate assets....How Much does a Probate Bond Cost in Pennsylvania? Bond Amount NeededFee<$20,000$100-$150$20,000-30,000$150-$200$30,000-50,000$200-$300$50,000+0.5-0.8%

Probate Bonds for Allegheny County, Pennsylvania The county will require a probate bond in the amount of 125% of the value of the estate. The court will also determine if the value of any real estate must be included. To open an estate with the court, the minimum bond requirement is $8,000.

A will generally only needs to be filed with the county if there are probate assets; i.e. money or property that are in the deceased person's name alone, with no joint owners or named beneficiaries.

Pennsylvania notary bonds cost $50 for the state-required 4-year term. You can also add errors and omissions insurance coverage to ensure you aren't held liable for notary errors.

More info

A bond is usually required when an individual dies intestate (dies without a Will), or did not include a waiver of the bond requirement in their Will. After the estate administration has been completed, the fiduciary is required to account and make a final distribution of estate assets to the beneficiaries.If a person dies without preparing a will or fails to include a waiver of bond requirements in the will, this bond will generally be necessary. Many testators do decide to waive the bond in their will, especially where they are nominating a relative or close friend as their Executor. The first step is contacting the bonding company, who will send the fiduciary an application to complete. Fiduciary bonds are not required if the decedent left a valid Last Will and Testament that specifically waives the requirement for a bond. I waive any and all bond in connection with his or her appointment as Personal Representative. I ask that the court not require any bond in this proceeding. Person Filing: Address (if not protected):. Many testators do decide to waive the bond in their will, especially where they are nominating a relative or close friend as their Executor.

Pennsylvania Waiver of Fiduciary Bond

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