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?

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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

Answers:

Gregory Abbott / Consumer Law Northwest

Answered 8 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.


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