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A financial guarantee ensuring that a fiduciary manages assets responsibly.
A fiduciary bond is a type of bond that protects the interests of parties involved in fiduciary relationships, such as trustees, executors, administrators, guardians, and conservators. This bond ensures that the fiduciary acts in the best interests of those they represent and manages assets with care and integrity. It serves as a safeguard against mismanagement or misconduct, compensating for any losses incurred due to the fiduciary's failure to fulfill their duties.
Credit score over 650,Appointed by the court or trust document as a fiduciary,Must have experience managing assets or affairs of others,No disputes regarding the fiduciary relationship
Fiduciary bonds encompass various specific bond types, including executor bonds, administrator bonds, trustee bonds, guardian bonds, and conservator bonds. Each of these bonds serves a similar purpose of ensuring accountability and protecting the interests of beneficiaries or wards under the fiduciary's care. It is essential for fiduciaries to understand their responsibilities and the specific bonding requirements in their jurisdiction.
Here are some of the most asked Fulton County Illinois surety bond questions
Any bond changes or cancellations require a court order. By law, neither the attorney, the principal, nor the agent can cancel a bond. Only the court can cancel or change a bond through a court order.
If the court issues an order to change or cancel your bond, please notify us by submitting a secure message on this website. Upload the bond discharge order or let us know if it is available on the court docket for download.
For changes, any additional pro-rated premium will be due if the bond amount is increased.