|
|
|
|
As an attorney, you or your client may be called upon to act as a Fiduciary. A Fiduciary is one who, under the jurisdiction and supervision of a Court, administers property held in trust. S/he is generally required by law to provide a Surety Bond. This guarantees faithful performance and compliance with Court Orders. The most common Fiduciary Bonds are: • Administrator/Executor/Trustee of Estates • Conservator or Committee of Incompetent • Receiver of Rents • Operating Trustee or Trustee or Trustee in Bankruptcy A Surety Bond does not serve as coverage for the Fiduciary, but rather as protection for the heirs, incompetent, creditors, etc. Fiduciary bonds are of indefinite duration, and depending on the nature of the Surety Bond, it is cancellable upon either or all of the following: • Distribution of Assets • Court Order • Payment of Debts • Sworn Affidavits by all interested parties • Filing of a Final Accounting Underwriting acceptance is determined by the experience of the Fiduciary, personal background, relationship of the trust and the type of assets involved. In the case where the Fiduciary is neither an attorney nor has sufficient experience or financial resources, a method of joint control may be used. This would require that all or most checks are either countersigned by the Surety or the attorney representing the Fiduciary. |
|
Send mail to webmaster@adams-levine.com with questions or comments about this web site.
|
