If you should find yourself in a situation with a court that requires you to purchase a bond to proceed, you may not know what to do. It is our goal to help you understand how to get a Fiduciary Court Bond with this information.
What is a Fiduciary Court Bond?
Fiduciary Court Bonds may have many names, but they all function similarly by acting as a promise that you will faithfully fulfill your duties as a court-appointed individual. The bond is for the protection of another person or that person’s estate, and works like insurance. Examples of common Fiduciary Court Bonds include Conservator Bonds, Guardianship Bonds, and Trustee Bonds.
Conservator Bonds guarantee an honest accounting and faithful performance of responsibilities according to law by preserving the assets of the estate of someone unable to care for it themselves.
Guardianship Bonds are sometimes required before an individual can be appointed as the legal guardian of a minor, elderly person, or persons with limited intellectual functioning—anyone who cannot manage their own finances. This type of bond protects the finances or assets of the person who is the subject of the guardianship.
Administrator/Executor/Trustee Bonds guarantee that the appointed person will act honestly and ethically as they administer a trust or estate upon the death of an individual according to the deceased’s wishes.
What are the requirements to get a Fiduciary Court Bond?
- Submit an application and executed indemnity agreement supplied by the surety broker/agent;
- Provide a copy of the court paperwork pertinent to the case; and
- Pay the premium for the bond once approved.
Sometimes, depending on the amount of the bond, the surety underwriter may require financial statements and a suitable credit score that will support the request. The surety company will issue the bond to you once they have the required information, and you can then present it to the court and continue with proceedings.
How much does a Fiduciary Court Bond cost?
State laws determine the amount of the bond, which is generally based on the estimated amount of the estate or assets being managed. The cost of a Fiduciary Court Bond is usually a percentage of the bond amount. For example, if the cost is 1% of the bond amount, and that amount was set at $250,000, the premium will be $2,500.
How quickly will you receive your Fiduciary Court Bond?
At a minimum, and only if you are working with an attorney, the surety bonding agency will need 2 business days to connect with their network and find the best surety company to place you with. Once they do, they will alert you to the premium amount and take payment at your earliest convenience. Final bonds can be sent via email or overnighted via UPS or FedEx, depending on your needs and the court’s requirements.
Who do you contact for a Fiduciary Court Bond?
Brunswick Companies is a full-service, national surety bonding agency, licensed in every U.S. state. Our surety specialists provide responsive, knowledgeable assistance to attorneys and other individuals in need of court bonds.
Our Surety Bonds Team has extensive experience in providing court and appeal bonds. They have developed strong relationships with the leading surety bonding companies to provide our clients with access to more favorable terms and conditions.
Call 800-686-8080 to speak with a member of our Surety Bond Team to begin the process of obtaining a Fiduciary Court Bond.