Security and Waiver of Security (ON)

Summary

This practice note explains why an administration bond (also known as security) is required in the administration of an estate. It describes when a bond is required as well as the effect of a bond, in that it does not constitute a liability policy for the protection of an estate trustee against errors, omission or negligence. It explains how to apply for a release of the bond by requiring the estate trustee to file a motion requesting an order that the bond be delivered back to the insurer. It describes the circumstances in which a bond may be waived as well as how to consent to the waiver of the bond on intestacy. Finally, it provides details on the application to waive or reduce a bond.