In all decedent’s estates in which there is no will or the will does not waive bond, the law of the District of Columbia requires that any person who wishes to serve as personal representative either obtain a signed, written waiver of bond from each interested person or buy a bond from a bonding company. Assets of the estate are used to pay the bond premium. Bond is a type of insurance. If the personal representative misappropriates or otherwise mishandles estate assets, the bonding company will repay the estate the amount lost or the amount of the bond, whichever is less. However, the amount of the bond purchased by the person who wishes to serve as personal representative does not include the share of anyone who has waived bond, so if the personal representative does misappropriate or otherwise mishandle estate assets and the bonding company has to pay off, anyone who waived bond does not receive a share of the bond.