What is the definition of Fiduciary Bond?

A Fiduciary Bond, is a bond that ensures that people holding positions of trust and confidence perform their duties and responsibilities. The persons being covered in such a bond usually are trustees, executors or court-appointed guardians. These may have wide responsibilities, ranging from providing financial advice and services or managing an estate.

This bond is aimed to protect the interests of the person for whom the fiduciary is acting. This is especially true if the person is an invalid or a minor.

When applying for the bond, the fiduciary guarantees the payment of the amount of the bond purchased in the event that he fails to perform his responsibilities as a fiduciary. If the person for which the fiduciary is acting is over 18 years of age, that person can apply to say that the fiduciary bond requirement is waived.

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