Legal Question in Wills and Trusts in Ohio
Bondable ?
My mother recently passed intestate. I am the only child able to become the administrator by residing in OHIO. I filed for bancruptcy and have not yet been discharged. Does this mean that I cannot obtain an fudiciary bond that is needed in order to become the administrator?
2 Answers from Attorneys
Re: Bondable ?
I suggest getting estimates from several bonding companies to see what the cost might be. You will need to know the approximate value of your mother's estate. An alternative might be to have one of your out-of-state siblings with a good credit rating be made co-administator, and see what the cost of bonding then might be. Keep in mind that two adminstrators require two signatures and approvals. Another alternative would be an out-of-state adminstrator appointed with a local attorney overseeing the administration of the estate.
Re: Bondable ?
It depends on the requirements of whatever bonding company you choose to employ are. It is possible for you to get a bond, but the chances are that the bond premium will be much increased, and the company will want full details on your bankruptcy.
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