Custodial Accounts

(614) 525-3174

Under Ohio law, (Revised Code section 2109.04), some executors, most administrators, most guardians, and many trustees are required to post a fiduciary bond. A fiduciary bond is a guarantee by a professional surety (usually an insurance company). If the estate, trust or guardianship suffers loss due to the failure of the fiduciary to fulfill his or her duties, the surety will reimburse the case for the amount of the loss. The amount of the bond must be at least twice the sum of personal property and annual income of the estate, guardianship or trust. Bond premiums are on average $2.50 per thousand dollars of coverage.

An alternative to a bond is to place personal property (cash, bank accounts or securities) in a custodial account with a bank or trust company, pursuant to Ohio Revised section 2109.13. Assets in a custodial account cannot be withdrawn without a specific court order. Any property in a custodial account need not be bonded. If all of the personal property of a guardianship or trust is in a custodial account, not only is a bond generally not needed, but also annual accounts may not need to be filed.

Pro Se (Non-Attorney) Procedure For All Requests To Expenditures From Court-Controlled Custodial Accounts

You must submit an Application to Expend Funds - This must include a detailed description of the exact amount of money you are requesting and what the expenditure is for. You will be required to submit all documentation which supports your request at the time of filing. Applications without sufficient documentation may be denied. 

Form 15.7A, Application for Authority to Expend Funds From Custodial Account, is used in guardianship cases.

Form 25.9, Application for Authority to Expend Funds, is used in all trust cases.

Failure to include the bank name and last 4 digits of account number on the Entry will result in the application being denied. 

Payment is due at the time application is filed - The cost is $16.00. This charge includes the filing fee for an application of up to four pages, the entry approving or denying the application, and a certified copy of the entry. If your Application and supporting documents exceed four pages, you will be required to pay an additional $1.00 per page over four. Payment may be made only via cash or money order. No personal checks are accepted. A copy of the application and entry will be mailed to the address of record for the applicant. Please verify that the Court has your current address. 

Requests for expenditures WILL NOT be reviewed at the Magistrate duty desk.

Applications to expend funds will be reviewed by a committee on a weekly basis. Please allow sufficient time for the Court to review your application.

Applications are to be submitted directly to the docketing and cashier clerk. You may submit your application in person, or mail in your request at the address listed above, to the attention of - Magistrate / App to Expend. If you submit your application through the mail, payment should be made by money order.

Legal practice in the Probate Court is restricted by law to attorneys who are licensed by the Supreme Court of Ohio. Due to the complexity of the law and desire to avoid costly errors, most individuals who have filings before the Court are represented by an attorney. Court employees are prohibited by statute from practicing law and cannot give legal advice.