In the case where Joe has to carry a bond for disbursing a deceased executive's estate, what has the surety established?

In the context of Joe carrying a bond for disbursing a deceased executive's estate, a surety bond provides a guarantee that the executor will manage the estate's assets properly and in accordance with the law. By requiring a bond, the surety establishes joint control over the disbursement process.

This means that while the executor (in this case, Joe) has the authority to manage and disburse the estate, the bond serves as a form of assurance that actions taken will be overseen or monitored indirectly by the surety. If Joe fails to carry out his duties appropriately or mismanages the funds, the surety will be held responsible to cover any losses or damages incurred, thus protecting the interests of the estate and its beneficiaries.

The other options do not encapsulate the primary function of a surety bond in this context. Monitoring requirements suggest a continuous oversight role that is not inherent to bonds. An independent audit implies a formal examination of the finances which may take place, but it does not directly correlate to what the bond itself establishes. A liability waiver refers to a release of responsibility, which contradicts the purpose of a bond, as it seeks to ensure accountability rather than waive liability.