What is a bond in the context of probate, and when might it be required?

• A. A bond is a financial guarantee provided by the fiduciary to secure faithful performance; it may be required unless waived or prohibited by will or statute.
• B. A bond is a type of asset included in inventory.
• C. A bond is the court's fee for filing.
• D. A bond is a notification to creditors.

Answer: (A)

The main idea here is that a bond in probate is a financial guarantee posted by a fiduciary to ensure they perform their duties faithfully and protect the estate’s assets. It acts as safety for beneficiaries and creditors against losses that could result from mismanagement or misappropriation by the person handling the estate.

This bond is typically required for someone serving as executor, administrator, or guardian, because they will control and distribute estate assets. The court may require this security unless the will explicitly waives it or a statute allows a waiver. If a bond is required, the amount is set by the court to cover potential losses, and the bond protects the estate up to that amount; if the fiduciary fails to meet their duties, claims can be paid out of the bond.

In contrast, a bond is not an asset to be inventoried, it is not a filing fee charged by the court, and it is not a notice to creditors.