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Fiduciary BondsA fiduciary is someone who has been appointed by the courts to manage property or assets of people and businesses who are unable to manage these affairs on their own. They are usually appointed by the courts with specific mandates to carry out certain activities, and are often asked to guarantee the performance of their duties by posting a form of security or bond. 
The most common types of fiduciary bonds here at www.bfbond.com are:
The purpose of the surety bond provided by the fiduciary is not for their protection, but rather to protect the minors, heirs, incompetents, or creditors of the estate or property assets. These bonds often do not have an expiry date and may continue indefinitely until another action of the court takes place. Some of those actions include:
The costs of underwriting and acceptance of fiduciary bonds is determined by a number of factors that include the experience of the person appointed as fiduciary, their personal and credit history and background, and the type and amount of the assets to be looked after. In the cases of large properties or business assets, there is often an attorney in place to assist the fiduciary in the performance of their duties and this will have an impact on the cost of the surety as well. An executor bond is a surety that is required when an originally proposed executor is unable or unwilling to carry out their responsibilities as the executor of an estate. This person is appointed by the court in place of the original executor and assumes all of their proposed responsibilities in disposing and distributing of the estate and assets of a deceased person. The bond is to guarantee that these duties are appropriately carried out in accordance with the direction of the court. A conservator bond is one that is required by the court when a person is assigned as a guardian or conservator of an estate. This occurs when the person in question is a minor, incompetent, or medically incapacitated. The purpose of this type of bond is to protect the interests of all affected parties and ensure that the care of the person’s assets, estate, and personal needs are well managed and administered. Trustee bonds are required when an estate goes bankrupt, perhaps because of unpaid taxes or from maintenance or property arrears. The courts appoint a trustee to manage the outstanding assets of the account and trustee bonds are required by the courts to ensure that this mandate is fulfilled. Bernard Fleischer & Sons can provide the expertise you require when dealing with complicated and detailed legal arrangements within your family or business. Contact us at www.bfbond.com to learn more about our many insurance services.
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