Does an Executor Need a Bond?
An executor bond (also referred to as an estate bond, fiduciary bond, or probate bond) is essentially insurance for the person who is administering your estate.  It is meant to ensure that a dishonest executor does not defraud the estate and run off with all the assets.  In the event the executor was to take off with the money, the company that issued the bond would reimburse the estate and then pursue the executor for the funds.    While a bond sounds like a good idea, it has several downsides.  They are pretty spendy—running into the thousands of dollars for larger estates.  The cost of the bond comes from the estate, thus reducing the assets going to beneficiaries.  And it can take time to secure the bond, causing more delay in the probate process.    For these reasons, some testators choose to waive the bond requirement if they trust their executor.  Additionally Washington does not require a bond if the personal representative is the surviving spouse and it appears that the entire estate will be distributed to that spouse. Furthermore, if a bank or trust company is appointed as a personal representative, the bond is also waived.