Joint Control Agreement

[Bond Magician]

What is a joint control agreement? I was told that I need to sign one of these in order to get a court bond. Can you explain it to me?

[Max Slivens]

A Joint Control Agreement is a document signed by the Principal on a Bond and their Attorney. It states that no expenditures can be made, and no withdrawls can be processed without consent of both the Attorney and the Personal Rep/Administrator/Executor. It gives the Surety Company some assurance that the funds will be handled "properly". Without Joint Control or Court-imposed restrictions, theoretically the Principal could abscond with the Estate's monies, thereby leading directly to a claim against the Bond.