WAIVER OF PROBATE BOND

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 owner by the deceased.