Los Angeles, CA, January 9, 2020 – Surety Bond Authority, California’s leading surety company, is now offering trustee bonds in all 50 states. A trustee bond can be easily obtained online using the company’s fast and secure application page.
A trustee bond is a type of probate bond that is required for trust estates. The court requires fiduciaries to obtain this type of surety bond to guarantee the fulfillment of their obligations.
“Trustee bonds are a way for the court to protect someone’s assets against mismanagement or any other misconduct. When assessing trustee bond applicants, we give more attention to the person’s ‘character’ than any other factors in the pre-qualification process. We want to make sure that the person can be really trusted with the assets that will be assigned to him or her,” Greg Rynerson, CEO of Surety Bond Authority, explains.
There are two types of trustee bonds that are being issued by the company:
Testamentary Trustee Bond – a surety bond required of a person named in the will to carry out trust provisions.
Trustee Under a Deed Bond – a surety bond that should be obtained by an intermediary who will take possession of the property’s title until the loan is fully paid.
The purpose of a trustee bond is to ensure that the party being protected by the bond (Obligee) will be financially compensated in case the fiduciary (Principal) fails to fulfill the bonded obligations.
“It is important to note that this is not mandatory in all probate cases. The court can waive this requirement. The court can also impose this bond even if it is stated in a will that a bond is not necessary. The bond applicant has to make sure that it is required before applying for one. It is also much better if they can submit to us all the necessary requirements upon applying so that we can issue the bond immediately,” Greg Rynerson adds.
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