A Waiver of Probate Bond is typically required by financial institutions or private companies in lieu of probating estate. Mostly these bonds are required to transfer assets like stocks, investment funds on the name of the beneficiary of the estate without the need to acquire a probate letter.
In lieu of getting a will probated, which can be costly, financial institutions, transfer agents, etc. may ask the Executor of the estate to post a Waiver of Probate Bond.
The Waiver of Probate Bond enables the financial institution to re-issue bonds; stocks, etc. to the name of the estate executor so that the estate can be liquidated and distributed amongst the estate heirs.
The bond protects the financial institution/transfer agent in the event that a legitimate claimant comes forth to make a claim against the stock owned by the deceased.
To apply for a Waiver of Probate Bond you will need to provide the following documents:
Contact us to learn more about the prices and application process for the bond.
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A Probate Bond also called an Executor Bond, is acquired to protect the beneficiaries of an estate if the Executor of the estate performs their duties unlawfully.
Whereas the Waiver of Probate Bond is required for Financial institutions so they can easily transfer assets to the Estate Executor.
The waiver of probate bond is inexpensive and less time consuming as compared to probate bonds.
If you are an estate lawyer and would like to refer your clients, learn more about our program below:
Ai provides value not only to our clients but to our trusted partners in private, public, and legal practices. We are committed to offering our customers and their representation the highest possible standards of service the bonding industry has to offer.
We believe in organically growing our network of business affiliates to assist and provide financial surety to lawyers across Canada and abroad.
Contact us by filling out the form below if your client requires an estate bond, if you have any questions about the estate bonding process, or if you would like to become a centre of influence for your clients.
