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A fiduciary bond is another term for a probate bond, which is a type of surety bond that ensures an executor or guardian, known as a fiduciary, will legally and ethically carry out his or her responsibilities in handling another’s assets. Other terms for probate bonds include executor bonds and estate bonds.
In order to purchase a fiduciary bond, the fiduciary must undergo a credit check and screening before their application for the bond is approved. Should the fiduciary commit fraudulent activity during the probate process, the bond will reimburse anyone affected by the fraud.
There are specific types of fiduciary bonds. The general term probate bond is used when the fiduciary is an executor of the estate of a deceased individual. In cases where the fiduciary is an administrator, the bond is known as an administrator’s bond. A conservator bond is required when a responsible person, known as a conservator, cares for another adult who is unable to care for himself/herself or cannot manage his/her personal finances.
A guardian bond is a type of bond that ensures the fiduciary, or guardian, will fulfill their duties in protecting a minor or an elderly or incapacitated person’s assets. Additionally, a guardian bond helps to protect against custody battles.
The responsibility of obtaining a trustee bond usually, but not always, lies with a financial institution that administers assets and property to benefit a third party. The fiduciary, in this case the trustee, is responsible to act in the best interests of the beneficiary.
The probate process is obviously a stressful period for one who has been appointed as a fiduciary and shouldn’t have to be further complicated by the difficulty of obtaining a bond. We at Simon Insurance Agency, Inc., have extensive experience assisting our clients in securing all types of surety bonds, ranging from probate bonds to license bonds to permit bonds. For clients whose credit is below average, we are able to obtain bonds through our specialty bond market.
Have you been appointed a fiduciary in a probate matter? The experts at Simon Insurance Agency are here to assist you in obtaining your fiduciary bond. Simply fill out our online application or call us at 561.948.4141 for a speedy, free consultation.