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What is a Trustee Bond?
A trustee bond, is a type of probate bond, that is often required for anyone who has been appointed as the trustee of a trust or estate. When a person creates a trust it will usually become applicable to others once the person passes away and a trustee is appointed by the court to manage the trust and any financial affairs associated with it. The trustee bond ensures that the trustee will act in accordance with the trust and abide by any instructions associated with it as the trust. This includes disbursement of any assets to the correct recipients in accordance with the trust. The bond protects the recipients of the trust against the trustee acting in any fraudulent or dishonest manner. A trustee bond falls under the probate bond category along with administrator bond and executive bond.
FAQs About Trustee Bonds
Who needs to obtain a trustee bond?Often times a court will require that anyone who has been appointed as a trustee of an estate, minor, or the deceased, will need to obtain a trustee bond in order to protect the recipients of the trust itself. The bond ensures that the trustee will perform all duties as stated in the trust legally and in good faith.
What is the cost of a trustee bond?The premium a trustee will pay in order to obtain the bond is a small percentage of the actual bond amount. The obligee will set the bond amount and the percentage the principal will be responsible for paying will be calculated based on the total bond amount, personal credit, bond history, and financial stability.
What are the trustee bond requirements?The court will require that a trustee be bonded in order to handle the trust itself. The surety will let the principal know of any requirements that come along with obtaining the bond and if the trustee fails to meet the requirements, a claim can be made against the bond and the trustee would then be at fault and responsible for repaying the surety for any financial loss.
How hard is it to obtain a trustee bond?Obtaining a trustee bond is easy when you work with The Surety Place. Our team is dedicated to helping each client get the right bond for their business or responsibilities. All you have to do is fill out the bond request form below and a team member will reach out to you. We will walk you through the process and make sure it is a fast and easy approval process.
Bond Request Form
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With over 50 years of combined surety experience, we are the industry leaders to call for all of your bonding needs. As an industry leader from the start, we are a people first surety bond partner that you can trust, offering access to agents and businesses to achieve the right solution at the right time.
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We establish a relationship with you in order to truly understand your bonding needs. As one of the only true specialists within the industry, we supply access, partnerships and specialty programs with numerous “A” rated sureties across the nation. We are here to help you service all your bonding needs with no appointments or contracts necessary.
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