When Bond Is Not Required
No bond is required by the Register of an executor named in the Will if the executor (1) is a Pennsylvania resident, or (2) is not a resident but has been expressly excused in the Will from filing a bond, or (3) both resident and non-resident executors are appointed and the non-resident avers in the affidavit portion of the Petition for Letters that all assets will remain in the custody and control of the resident executor.
Where no executor is named in decedent's Will, no bond will be required by the Register if the sole residuary legatee who will serve as administrator c.t.a. is a Pennsylvania resident. In addition, no bond will be required if a Pennsylvania resident is appointed administrator c.t.a. as a result of being nominated by the residuary legatees who are adult and sui juris. Where the decedent dies without a Will, no bond will be required by the Register of a resident administrator unless requested by other intestate heirs.
Generally, no bond is required of a corporate executor or administrator authorized under Section 3174 of the PEF Code to act as a fiduciary in the Commonwealth of Pennsylvania and which has filed the necessary petition under Phila. O.C. Rule 1.2.K. for approval with the Orphans' Court (See Chapter 1, C.). In addition, no bond is required of an individual personal representative who avers that an authorized corporate co-fiduciary will take custody and control of all assets and submits a written statement to the Register to that effect.