When a person passes away in Colorado, someone has to manage the decedent's financial affairs and if necessary, petition the courts to probate their estate. That person is called a personal representative (when the decedent dies with a valid Last Will and Testament) or an Administrator (when the decedent dies without a valid Will). One a PR is appionted, they must faithfully exercise their duties to administer the esate effectively. If an interested person requests the PR to obtain a bond, they must do so. A PR bond is essentially an insurance policy that is meant to protect the decedent's estate from mistakes made by the PR. A bond can cost hundreds and even thousands of dollars, depending on the size of the estate. However, with the prpoper lanauge, a Will can waive the need for a bond. So what does all of this mean for you? Bottom line, if you don't have a valid Will that waives the requirement for the PR to obtain a bond, you are 1) making the decision to leave the appointment of your PR in the hands of a perfect stranger (judge) and 2) potentially putting your family in the unnecessary and costly position of obtaining a bond to probate your estate upon your death.