Today’s edition of Insurance Straight Talk is for those who find themselves in need of a Connecticut Probate Bond.
What is a fiduciary?
A fiduciary is a person appointed by the court to handle the affairs of persons who are not able to do so themselves. The fiduciary is often called a Guardian or Conservator if he handles the affairs of a minor or an incapacitated person. An Administrator is a fiduciary who handles the affairs of someone who has died; he or she is known as an Executor if specifically named in the will.
Why would I need a fiduciary bond?
Fiduciaries are often required by statute, courts, or wills to be bonded. Statutes prescribe how fiduciaries should handle others’ affairs. However, the surety company often assists in keeping the fiduciary within the law. Assistance of a surety is available to the principals or their attorneys. Supervision by the surety helps prevent problems and secure the assets entrusted to the fiduciary. Through careful underwriting practices, a surety also attempts to minimize losses. In addition to the loss prevention services performed by a surety, the bond creates protection. If there should be a loss, the surety pays heirs, wards, creditors, and beneficiaries.
Is there a difference between a fiduciary bond and a probate bond?
Bonds which protect against dishonest accountings and a lack of faithful performance of duties by administrators, trustees, guardians, executors, and other fiduciaries are called Fiduciary bonds. Fiduciary bonds, often referred to as probate bonds, are required by statutes, courts, or legal documents for the protection of those on whose behalf a fiduciary acts. They are needed under a variety of circumstances, including the administration of an estate and the management of affairs of a trust or a ward.
How can I get a fiduciary bond?