Fiduciary Bond

Fiduciary Bond

A bond that the executor of an estate posts to ensure he/she performs his/her duties properly. Among these duties is preparing an inventory and disposing it according to the terms of the will of the deceased. The executor forfeits the bond if a probate court determines he/she has failed to live up to his/her duties. It is also called a probate bond.
References in periodicals archive ?
The final regulations further add a nonexclusive list of other fiduciary expenses that are not commonly or customarily incurred by individuals: probate court fees and costs, fiduciary bond premiums, legal publication costs of notices to creditors or heirs, the cost of certified copies of the decedent's death certificate, and costs related to fiduciary accounts.
CNA has become the nation's largest provider of commercial surety bonds, particularly license and permit bonds, fiduciary bonds and public official and court bonds.
With offices in Los Angeles, Garden Grove, San Diego and San Jose, Southern California Bonding Service provides a variety of fiduciary bonds to the California legal community, including probate, fiduciary and attachment bonds, preliminary injunction bonds and other court-related obligations.