Ohio Bond Of Testamentary Trustee is a type of surety bond that is required of trustees of a testamentary trust in the state of Ohio. This bond guarantees that the trustee will faithfully administer the trust in accordance with the terms of the will and the laws of Ohio. It also guarantees that the trustee will account for and pay over all the assets of the trust to the beneficiaries in accordance with the terms of the will. There are two types of Ohio Bond Of Testamentary Trustee: an Ohio Probate Bond of Testamentary Trustee, and an Ohio Fiduciary Bond of Testamentary Trustee. The Probate Bond is required for any testamentary trust created by a will, and the Fiduciary Bond is required for a testamentary trust created by an Ohio court.
Ohio Bond Of Testamentary Trustee
State:
Ohio
Control #:
OH-SKU-0643
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PDF
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Bond Of Testamentary Trustee
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Non-Probate Property in Ohio Real estate held in joint or survivorship form. Assets and property with a transfer-on-death designation. Insurance proceeds with a named beneficiary. Payable-on-death bank accounts.
In Ohio, the cost for a probate bond depends on the total value of the estate and is usually calculated as costing $100 for every $20,000 in assets. For example, if the deceased had $60,000 in non-real estate assets, the estate must purchase a bond in the amount of $120,000 and the cost is $300 per year.
Section 2109.04 Bond. It shall be conditioned that the fiduciary faithfully and honestly will discharge the duties devolving upon the person as fiduciary, and shall be conditioned further as may be provided by law.
In Ohio, the cost for a probate bond depends on the total value of the estate and is usually calculated as costing $100 for every $20,000 in assets. For example, if the deceased had $60,000 in non-real estate assets, the estate must purchase a bond in the amount of $120,000 and the cost is $300 per year.
What is the Required Amount of the Bond? The amount of the bond depends on the amount of the ward's assets. The bond must be for at least two times the amount of the ward's tangible and intangible personal property plus annual income, which might include rental income, pensions, and Social Security.
Ohio Statute 2109.04 grants the probate court the authority to determine the required bond amount on a case-by-case basis. However, the bond must be at least twice the estimated value of the estate, including the estimated annual real property rentals the estate will generate.
Do All Estates Have to Go Through Probate in Ohio? Most estates will need to go through probate in Ohio unless they are part of a living trust. However, there are different types of probate, and some estates may qualify for a simplified version.
Pursuant to Ohio Revised Code Section 2109.04, an individual appointed as guardian of the estate of a minor or incompetent is required to post bond with a penal sum in an amount that is fixed by the Probate Court.
