Waiving Executor’s Bond in Kansas Will

In order to be accepted as a personal representative, the person named as executor in a decedent’s Kansas Will is required to provide a bond. This legislative requirement can be dispensed with under the Will. If the Will does not remove the requirement, then the following provisions of the Kansas probate code will apply:
59-1101. Bond requirements and conditions. Every fiduciary, except as otherwise provided in this act, before entering upon the duties of his or her trust shall execute and file a bond, with sufficient sureties, in such amount as the court directs, which amount shall not be less than 125 percent of the value of the personal property and the probable annual income from real estate which shall come into his or her possession, conditioned upon the faithful discharge of all the duties of the trust according to law. 59-1102. Approval and prosecution. All such bonds shall run to the state of Kansas. They shall be subject to the approval of the district court and shall not be approved until the court is fully satisfied as to the sufficiency of the sureties. In case of breach of any condition thereof, an action on any such bond may be prosecuted in the name and for the benefit of any person interested. 59-1103. Joint or separate bonds. When two or more persons are appointed joint fiduciaries, the court may approve a separate bond for each or a joint bond for all. 59-1104. Bond may be excused; court may require at any time. Bonds otherwise required of every fiduciary under the provisions of K.S.A. 59-1101 may be excused: (1) When the will or trust agreement expressly waives a bond of an executor, conservator or trustee; or (2) when all of the known heirs, if no will has been probated, or all the devisees and legatees under a will which does not waive a bond file with the court a written waiver of a bond; or (3) by a duly appointed conservator, guardian ad litem or named trustee on behalf of his or her conservatee or cestui quetrust or ward unless the conservator or trustee is the fiduciary; or (4) when the fiduciary is a bank having trust authority or a trust company organized and having its principal place of business within the state of Kansas. On the application of any interested party, or on its own motion, the court may at any time require bond be given. 59-1105. Public, charitable or certain nonprofit corporation trustees; exceptions. No bond shall be required from any public, religious, charitable, or educational corporation or society, or any nonprofit Kansas corporation trustee where the purpose of the trust shall be financial aid to any Kansas educational institution or for research or for the financing of scholarships or fellowships at, or for the aid either through loans, grants or otherwise to the students of such institution, unless the will provides otherwise, where devises or legacies are given to such corporation or society in trust for any of the purposes of such corporation or society nor shall such trustee be required to file inventory or make reports as required in article 16 of this code unless the same shall be necessary under the terms of the instrument establishing the trust under which it operates or unless the district court having jurisdiction shall find, on petition and after due notice and hearing, that such bonds, inventory or reports are necessary for the purpose of compelling the faithful performance of the trust by the trustee named. 59-1106. Increase or reduction of bond; cancellation. The court, on its own motion or upon application of any interested person, may for good cause require a fiduciary to file a new or additional bond. Thereupon the fiduciary’s accounts shall be settled, and if approved the liability of the sureties on such new or additional bond shall be limited to the property then in the possession of the fiduciary, or thereafter acquired by him or her. Whenever the court shall find the bond of a fiduciary is larger than necessary, it may, by order, reduce the liability thereon to the proper amount. It may, by like order, cancel any bond found to be unnecessary. 59-1107. New bond; discharge of surety. The court shall, upon application of a surety and after notice, require a fiduciary to settle his or her account and file a new bond. If such account is approved, the surety shall be discharged from liability thereafter accruing. The fiduciary shall file a new bond, to be approved by the court, and if the fiduciary fails or refuses to do so he or she shall be removed. 59-1108. Bond requirement for reissuance of certain certificates inapplicable. When an heir, administrator or executor requests that a lost, destroyed or stolen certificate for nonnegotiable securities belonging to the decedent, be reissued by the issuer of such securities, the bonding requirement provided in K.S.A. 84-8-405, shall not apply to such reissuance. 59-1108. Bond requirement for reissuance of certain certificates inapplicable. When an heir, administrator or executor requests that a lost, destroyed or stolen certificate for nonnegotiable securities belonging to the decedent, be reissued by the issuer of such securities, the bonding requirement provided in K.S.A. 84-8-405, shall not apply to such reissuance.

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