Personal Representative Bond

[belon721]

My aunt recently passed away and appointed her nephew as personal representative of her estate in her will. She was a resident of Florida. I am listed as a beneficiary in her will and I received a notice in the mail today from the circuit court in her county, notifying me that her will is being admitted to probate and that her nephew is personal representative. My question is, in the notice it states that her nephew is "entering into bond in the sum of $230,000. I assume this is a court ordered probate bond (even though her will stated no bond is required of her personal representative). Does this mean that the total value of her estate (including her real estate) is $230,000? Could the total value be less than that? Could the total value be more than that? Is real estate covered under the probate bond or just liquid assets? Also I was told my aunt and uncle had combined their assets into a trust when they entered an assisted living facility...would the assets in the trust be included in the bond? I am not sure of what the purpose of the bond is...or what assets it covers...and the figure of $230,000 has me a bit confused since i am not sure if thats just what he took a bond for...or if thats the total value of the estate (everything my aunt owned, houses, property, bank acccounts, investments, the trust etc) Thanks so much for any help you can give me.

[Riskwriter]

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.

[belon721]

Thanks so much for answering my questions! I was thinking the purpose of the bond was to make sure he didn't do any "funny business" with my aunt's assets (not that I think he would)....so you affirmed that for me, thank you. You said that the court sets the bond for the value of all the estates assets...but would that include the assets which pass outside of the will, such as the living trust? When my aunt and uncle entered the assisted living facility they combined all of their liquid assets into the trust and put the names of the beneficiaries onto it to receive disbursements when they died (same beneficiaries as named in the will), from what I understand the assets in the trust pass outside of the will then...so they would not be included in the $230,000 bond figure? I am assuming the bond is only covering the value of the assets which pass through the will ie: their real estate and investments. Thanks so much for helping!

[mrbond]

If you are trying to use the bond amount to determine the total value of the estate and trust, DON'T. Best thing to do is talk to the Persoanl Rep. He/she has to file an inventory of assets with the court, uaually within 90 days. Things like life insurance, pensions, and TRUSTS will probabaly have beneficiaries and WILL NOT pass thru the estate. Good luck.