A Massachusetts Fiduciary Bond is a type of surety bond that guarantees the faithful performance of a fiduciary’s duties in the state of Massachusetts. This bond is required by the Massachusetts Department of Revenue and is intended to protect the people of the Commonwealth from any wrongdoings or illegal activities of the fiduciary. The bond is the responsibility of the fiduciary, and the surety company will pay out the bond if a claim is made against the fiduciary. There are three types of Massachusetts Fiduciary Bonds: Administrator Bond, Guardian Bond, and Trustee Bond. An Administrator Bond is a surety bond required by the court when a person is appointed to administer the estate of a deceased person. A Guardian Bond is a surety bond required by the court when a person is appointed to manage the affairs of an incapacitated adult. A Trustee Bond is a surety bond required by the court when a person is appointed to manage trust funds.
Massachusetts Fiduciary Bond
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FAQ
Examples of common Fiduciary Court Bonds include Conservator Bonds, Guardianship Bonds, and Trustee Bonds. Conservator Bonds guarantee an honest accounting and faithful performance of responsibilities ing to law by preserving the assets of the estate of someone unable to care for it themselves.
Surety bond premiums (the amount you pay) are often calculated as a percentage of the total bond amount, usually between 0.5% and 5% of the bond amount for applicants with good credit, and between 5% up to as much as 20% of the bond amount for applicants with poor credit.
Fiduciary bonds pay the amount of a claim made against a fiduciary if the fiduciary undergoes some breach of responsibility. As an example, should the fiduciary commit fraud or embezzle assets belonging to the party being protected, the bond would limit the loss incurred by the estate or the trust.
Massachusetts surety bond costs primarily depend on your personal credit score and the type of bond for which you've applied. Those individuals with excellent credit should expect an annual premium of 1-3% of the bond amount. Those individuals with bad credit can expect an annual premium of 4-15% of the bond amount.
But surety bonds are also an important regulatory tool that are good for all. In fact, there are even benefits for the people who must pay for bonds and pay for claims. So yes, surety bonds are worth it.
The Massachusetts' probate bond is available at mass.gov as form MPC 801. By filling out and signing this form, the personal representative is promising to fulfill his duties to the estate and its heirs in good faith.
How can I get bonded in Massachusetts? Getting bonded in Massachusetts is very easy thanks to Lance Surety Bonds' online application. It takes just a few minutes to fill in and submit. Once you have provided the necessary information, we will contact you with a bond quote and a request to submit a few extra documents.
Real Estate Broker Bond The MA Board of Registration of Real Estate Brokers and Salesmen requires brokers to file a $5,000 surety bond as part of their license application to the state.