If my father’s Will states no bond is required of the executor, does this also apply to the successor executor who needs to manage his IRA while he is incapacitated after a stroke?

There was no power of attorney and a conservatorship of IRA is needed but wondering if there is a need for a bond anyway despite the Will’s statement?

Asked on August 19, 2015 under Estate Planning, California


Gregory Abbott / Consumer Law Northwest

Answered 5 years ago | Contributor

While it is not quite clear, it appears as if your father is still alive.  If so, his Will is totally irrelevant to anything, at least until he dies, assuming he chooses to not change it between now and then.  It is not clear who is managing his IRA or under what authority but it is doubtful that it is as a Executor.  Power of Attorney?  Court appointed Guardian and/or Conservator?  State law will govern the bond requirements for a court appointed fiduciary but a bond requirement is likely.  You may also have an additional layer of bureaucracy to deal with in that whatever company is investing/maintaining the IRA may well have their own requirements of what they need before being willing to allow someone else to direct the account.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.