Probate & Fiduciary Bonds
A “fiduciary” is a person or entity appointed by a court to administer the assets of another. There are three basic classes of fiduciary bonds. Each has a similar purpose, i.e., to ensure the legal, fair and honest management of that third party’s funds and property.
PROBATE BONDS
These are bonds for fiduciaries that administer the assets of a deceased. Each application should be submitted prior to filing the pertinent court documents. Applicant’s current financial statement should be provided for bonds over $1.5 million.
CONSERVATOR/GUARDIANSHIP BONDS
Conservator/Guardianship Bonds are for fiduciaries that administer the assets of an incapacitated or incompetent person or what is referred to as a “ward or minor”. Each application should be submitted prior to filing the pertinent court documents. Applicant’s current financial statement should be provided for bonds over $1.5 million.
TRUSTEE/RECEIVER BONDS
These are bonds for “receivers” and “trustees” appointed by a court to administer the assets of an individual or business. Each application should be submitted prior to filing the pertinent court documents. Applicant’s current financial statement should be provided for bonds over $1.5 million.