|Posted:||October 3, 2017 09:08 AM|
|From:||Representative Francis X. Ryan|
|To:||All House members|
|Subject:||LEGISLATION – REGISTERS OF WILLS TO INCREASE PROBATE BOND|
|Registers of Wills are often required to mandate that personal representatives of estates post a bond as a condition of their appointments. The amount of the bond is related to the size of the estate. More often than not, personal representatives underestimate the amount of assets in an estate.
The Register of Wills receives a true indication of the size of an estate when an inventory is filed, or when the personal representative files an inheritance tax return. Often, there are many months, and sometime years, left in the administration an estate after an initial inheritance tax return is filed. Current law grants “the Court,” not the Register the power to increase the amount of a probate bond posted for the faithful administration of an estate.
I plan to introduce legislation that would grant the Register of Wills the power, but not the duty, to increase the amount of a probate bond when the Register determines that a bond insufficiently protects the estate, and where estate administration is likely to proceed for some time. I believe that this legislation will help protect the heirs of certain decedents’ estates. There is no intention to take any power away from the judiciary under this legislation, this legislation is meant for the Register to share the power with Court.
Please join with me in cosponsoring this legislation.
If you have any questions or concerns, please contact Julianne Naccarato in my Capitol office via firstname.lastname@example.org or 717.783.1815.
Introduced as HB1885