What is a trustee bond?
A Trustee Bond is a type of surety bond that is required to be purchased by a Trustee in the state of Washington. The bond is a guarantee that the Trustee will fulfill their fiduciary duty to properly manage and protect the assets of the trust. The bond is a contract between the Trustee, known as a principal, and the surety company, known as an obligor, that provides financial protection to the beneficiaries of the trust in case of any wrongdoing on the part of the Trustee. The bond amount is determined by the trust and varies depending on the size and complexity of the trust. The bond is designed to provide financial compensation to the beneficiaries if the Trustee acts in any way that is not in line with the trust’s terms. Trustee Bonds are an important part of protecting trust assets in Washington and provide an extra layer of protection for the beneficiaries of the trust.
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