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A financial guarantee ensuring the trustee manages the trust responsibly.
A trustee bond is a fiduciary bond that protects the interests of the beneficiaries of a trust. This bond ensures that the trustee acts in accordance with the terms of the trust and manages the trust assets responsibly and ethically. It provides a safeguard for the beneficiaries against any mismanagement or misconduct by the trustee, compensating for any losses incurred due to the trustee's failure to fulfill their fiduciary duties.
Credit score over 650,Appointed as a trustee by the trust document or court,Must have experience managing trusts or estate assets,No disputes regarding the trust or beneficiaries
Trustee bonds are often required by courts or trust documents to ensure accountability in the management of trust assets. It is advisable for trustees to consult with legal counsel to understand their responsibilities and the specific requirements for bonding 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.