There's another reason for paying attention to those Fico score and credit report commercials--your credit history and past judgments, not to mention jail/prison time for fraud, can make it difficult to qualify as an executor or conservator in probate court. (By the way, the truly free credit report is at www.annualcreditreport.com.)
When a probate is filed to transfer assets at death, or a conservatorship to take care of an incapacitated person's assets, the person in control (executor, conservator, trustee, fiduciary) in most cases has to post a bond with the court to ensure that the beneficiaries are covered in case that person steals or loses the assets. Asset losses don't happen often, but when they do, the bond's a great thing!
It's an expense of the estate, along with insurance, taxes, attorney fees and court costs, and is calculated as a percentage of the estate.
Here's what the bond companies look for: your net worth (to recover against if the bond is paid to the beneficiaries), your work history, judgments against you, tax liens, bad credit marks and charge-offs, and convictions if they relate to financial impropriety. If you have any of these in your past, and you're seeking appointment as a fiduciary in probate, let your attorney know up front that you may have a problem so you can find solutions before the hearing.
Some solutions may be co-signers on the bond, blocked accounts and joint control accounts if you have minimal assets or a questionable credit history.
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