Good questions-
Generally the bond amount reflects all of the
estates assets-and sometimes the bond amount will be set at slightly more than the actual assets. (Such as a 110% bond) and I have seen bonds as large as 150%
The bond amount is soley set and decided upon by the
court. So, if he is obtaining a bond in that amount, the assets were evaluated by the
court and set at the amount.
The purpose of the bond is to make sure that all of the assets are dissolved per the terms of the will.