Sec. 401.005. BOND; WAIVER OF BOND. (a) If an independent administration of a decedent's estate is created under Section 401.002 or 401.003, then, unless the probate court waives bond on application for waiver, the independent executor shall be required to enter into bond payable to and to be approved by the judge and the judge's successors in a sum that is found by the judge to be adequate under all circumstances, or a bond with one surety in a sum that is found by the judge to be adequate under all circumstances, if the surety is an authorized corporate surety.
(a-1) If a decedent's will does not contain language directing that no bond or security be required of a person named as executor, unless the court finds that it would not be in the best interest of the estate, the court may waive the requirement of a bond if all of the distributees of the decedent agree to the waiver of bond in:
(1) the application for probate of the decedent's will; or
(2) one or more separate documents consenting to the application for probate of the decedent's will.
(b) This section does not repeal any other section of this title.
Added by Acts 2011, 82nd Leg., R.S., Ch. 1338 (S.B. 1198), Sec. 2.53, eff. January 1, 2014.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 1141 (H.B. 2782), Sec. 40, eff. September 1, 2019.
Structure Texas Statutes
Title 2 - Estates of Decedents; Durable Powers of Attorney
Subtitle I - Independent Administration
Section 401.001. Expression of Testator's Intent in Will
Section 401.002. Creation in Testate Estate by Agreement
Section 401.003. Creation in Intestate Estate by Agreement
Section 401.004. Means of Establishing Distributee Consent
Section 401.005. Bond; Waiver of Bond
Section 401.006. Granting Power of Sale by Agreement