How do I apply to be an estate trustee without a will?
Question & AnswerHow do I apply to be an estate trustee without a will?
3. Post a bond
If the value of the is more than $200,000 and you're not the or of the person who died, you have to post a bond or apply for a court order saying that a bond isn't necessary.
A bond is an amount of money that is meant to protect the and creditors of the estate in case the estate is not administered properly. The amount of the bond is usually double the amount of the value of the estate.
Estate trustees have “personal liability”. This means that if you make a mistake dealing with the estate, you might have to pay back any money the estate lost because of your mistake.
You might be able to get insurance. This can give you some protection if you make an honest mistake or you get sued. An estates lawyer can help you with this.