Trustee Bond
A trustee is a person or entity who holds the assets (corpus) of a trustee for the benefit of the beneficiaries. A trustee manages the trust and its assets under the terms stated in the declaration of trust. In many "living trusts" the creator of the trust (trustor, settler) names himself/herself (or themselves) as the original trustee who will manage the trust until his/her death when it is taken over by a successor trustee. In some trusts, such as a "charitable remainder unitrust," the trustee must be independent and therefore cannot be the creator of the trust. If a trustee has title to property, he/she/it holds title only for the benefit of the trust and its beneficiaries. A bond may be required by the court in some instances to protect the assets of the trust once the settler dies.
| If you have any questions please call our office and speak to one of our bond specialists - 800-480-3883 |
`
