How Should you Respond to a Request to Waive Bond, Inventory and Accounting in a Tennessee Estate?
Sometimes when a Tennessee probate estate is opened up, the attorney handling the estate will provide a request to the beneficiaries to waive bond, inventory and accounting [“Bond” is basically an insurance bond to protect the assets of the estate if there is a failure by the executor. “Inventory and Accounting” are required reports to beneficiaries and the court on the financial status of the estate]. This may be unnecessary in some circumstances if it is actually already waived in the will by the decedent. However, sometimes wills do not include this language. Or, many individuals die intestate (without a will). I often get asked by beneficiaries who receive a request to waive bond, inventory and accounting as to whether they should agree to this request. When I personally handle estates as the estate attorney I also send out these same letters to beneficiaries on many occasions.
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