The executor of an estate has access to and control of the assets of the estate. An administration bond is put in place to protect the estate while the executor pays the debts of the deceased and distributes the estate to the beneficiaries.
A bond is usually required where an executor appointed in a will resides out of province, where there is no will or where an alternate executor is applying to the Court for appointment as executor.
The Court may waive the requirement to pose an administration bond, if it is provided with the following information and evidence:
- the identity of the beneficiaries of the estate
- the identity of beneficiaries who are minors or incapable persons, and the value of their interest
- executed consents from all beneficiaries to the appointment and to the dispensation of the bond or an explanation as to how the interests of those beneficiaries will be protected
- the last occupation of the deceased
- evidence as to whether all debts of the deceased have been paid
- evidence as to whether the deceased operated a business at the time of death, and if so, information about the debts of the business
- if all debts of the estate have not been paid, information about the value of the assets of the estate, and information about the debts including arrangements made with creditors to pay the debts