by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Bonded

Bonded definition:  Trustees and executors may be bonded to ensure that the will and trust document is followed. If they fail to adhere to their duties, a bonding company will pay damages to affected persons or the estate.  The executor or trustee must pay the bonding company a fee to be bonded, and a will can waive the requirement to be bonded or provide for bonding fees.  The bond document specifies the limit of protection.

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