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<p class="MsoNormal"><span style="font-size:14.0pt">Hi Listmates,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt">Clients with an estate over $5 million want their wills to require an executor bond (the PR is a WA resident but successor PR is not). I assume it’s fine to simply say in the will “My PR shall post bond.”
Or does the will need to give some information as to how much of the estate they want covered by the bond?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt">I also want to educate clients of the potential burden they are imposing on their PR. What my research found is that t<span style="color:black;background:white">ypically, the cost for an Executor Bond is approximately
0.5% of the bond amount. There is a sliding scale for bonds that are in excess of $500,000. How much will the bond end up being? Does the court decide how much the bond will be at probate? Is a bond supposed to cover the whole estate? Or is it up to clients
to say in the will how much of their estate they want the bond to cover?</span><span style="background:white"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;background:white"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;color:black;background:white">0.5% of $2.5 million is $12,500. So conceivably, their PR would have to pay $12K to be the fiduciary.</span><span style="font-size:14.0pt;background:white"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt">Thanks.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:14.0pt;font-family:"Arial",sans-serif;color:#595959">Ronda Larson Kramer<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#AEAAAA">J.D., LL.M. Taxation</span></b><b><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#AEAAAA">,</span></b><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#AEAAAA">
Owner <o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#AEAAAA"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:18.0pt;font-family:"Bahnschrift SemiBold",sans-serif;color:#595959">L</span></b><b><span style="font-size:14.0pt;font-family:"Bahnschrift SemiBold",sans-serif;color:#595959">ARSON</span></b><b><span style="font-size:18.0pt;font-family:"Bahnschrift SemiBold",sans-serif;color:#595959">
L</span></b><b><span style="font-size:14.0pt;font-family:"Bahnschrift SemiBold",sans-serif;color:#595959">AW</span></b><b><span style="font-size:18.0pt;font-family:"Bahnschrift SemiBold",sans-serif;color:#595959">, PLLC<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#AEAAAA">Elder Law</span></b><b><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#AEAAAA">,
</span></b><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#AEAAAA">Estate Planning<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#767171">P.O. Box 7337</span><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#767171"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#767171">O</span><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#767171">l</span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#767171">ympia
WA 98507 </span><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#767171"> <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#767171">Ph</span><span style="font-size:14.0pt;font-family:"Arial",sans-serif;color:#767171">:</span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#767171">
360-768-0775 </span><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#767171"> <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><a href="mailto:ronda@larsonlawpllc.com"><span style="color:#0563C1">ronda@</span><span style="font-size:12.0pt;color:#0563C1">l</span><span style="color:#0563C1">arsonlawpllc.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><a href="http://www.larsonlawpllc.com/"><span style="color:#0563C1">www.</span><span style="font-size:12.0pt;color:#0563C1">l</span><span style="color:#0563C1">arsonlawpllc.com</span></a>
<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b><u><span style="color:#767171">NOTICES</span></u></b><span style="color:#767171">: This message, including attachments, is confidential and may contain information protected by the attorney-client privilege or work product doctrine.
If you are not the addressee, any disclosure, copying, distribution, or use of the contents of this message are prohibited. If you have received this email in error, please destroy it and notify me immediately. Any tax advice contained in this message is not
intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the internal revenue code or (2) promoting, marketing, or recommending to others any tax-related matter(s) addressed here.<o:p></o:p></span></p>
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