Full question:
My father recently passed away. While he did leave a will, the executor named has also passed away. I have asked to be named executor for the estate. The law firm (in Ohio - I live in Michigan - my dad lived in Ohio) has informed me that because I filed for bankruptcy (over 21 years ago due to a divorce where I got the 4 children, the bills (because my x-husband could not be found and had to choose between providing for the kids or paying the bills)they would not submit my application for bonding. They stated that I was not bondable. This does not make sense to me. I have worked at the same location for over two decades, bought a home four years ago, and have a decent credit rating. Should I argue this point with the firm?
- Category: Bonds
- Date:
- State: Michigan
Answer:
You may want to check with the bonding company about their specific requirements. A past bankruptcy can impact your eligibility to serve as an executor. Under Ohio law, every fiduciary, including executors, must file a bond before receiving letters of authority from the probate court. The bond amount is usually set by the court and must be at least double the probable value of the estate (Ohio Rev. Code § 2109.04).
If the will does not require a bond, the court may appoint you without one, unless it believes a bond is necessary for the estate's protection. If the estate's value is less than ten thousand dollars, the court might waive or reduce the bond requirement.
Since the law firm has indicated you are not bondable due to your bankruptcy, it may be worth discussing this further with them. You could also seek a second opinion from another attorney familiar with probate law in Ohio.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.