After all, Michael L. Nikolas was the family lawyer, a man they trusted absolutely. According to court records, he used the money to pay office expenses, make mortgage payments on his parents' home, and help run a place called Lou's Restaurant. Nikolas pleaded guilty to grand theft last year, was sentenced to a year in jail and ordered to repay the money. So far, he has paid about 1 percent of his debt. A bond could have repaid the entire amount, but the judge presiding over the case said he generally waives that insurance policy for lawyers handling estates.
Judges routinely waive the bond, or require a bond too low to cover assets vulnerable to theft.
In Pinellas County, judges deserve credit for consistently requiring some bond, but the bonds are often low. But the most important reason, say judges and lawyers, is to save estates the cost of a bond premium. Of course not. Yet, that's exactly what they are doing with other people's property. Surely, many beneficiaries would be willing to sacrifice a fraction of their inheritance to guard against losing it all.