The Custodian bond insures that an appointed custodian will correctly manage the finances of the individual. This type of bond is also known as a guardianship bond.
This Custodian Bond, a type of Probate Bond, guarantees faithful performance of duty by a fiduciary appointed by the court to administer the estate of a minor or incompetent person. The Custodian Bond is synonymous with the Guardianship Bond.
Custodian bond also is known as Guardianship Bond, Fiduciary Bond can be issued on the same day of receiving a signed application & court documents. It is subject to credit verification.
A custodian bond is very similar to a guardianship bond. It is a form of insurance that one purchases after being named custodian of a disabled person or a minor and his or her assets. It insures against any fraud or unethical actions by the custodian. Sometimes, this surety bond is waived by the court
What is a Role of a Custodian?
A custodian is a specialized financial institution (typically, a regulated entity with granted authority like a bank) that holds customers' securities for safekeeping in order to minimize the risk of their misappropriation, misuse, theft, and/or loss
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