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South Carolina Fiduciary Bond (Other Than Probate)

Fiduciary Bond
Court & Fiduciary
Price: Depends on application
South Carolina Fiduciary Bond (Other Than Probate)

Fiduciary Bond

The State of South Carolina
Fiduciary Bond

Surety Bond Details

State: South Carolina
Category: Fiduciary Bond
Class: Court & Fiduciary
Obligee: ** South Carolina ** ...
Amount: Varies
Duration: Stated on Bond
Expiration: Stated on Bond

Cost: Depends on applic...

The State Of South Carolina
Fiduciary Bond
Category:
Court & Fiduciary
Obligee:
** South Carolina ** Generic Obligee
Amount:
Varies
Duration:
Stated on Bond
Expiration:
Stated on Bond
Surety Bond Insurance
 
SORPid: B-498
Fiduciary Bond Details
South Carolina Fiduciary Bond (Other Than Probate)
South Carolina Fiduciary Bond (Other Than Probate)

The State of South Carolina requires individuals who act as fiduciaries in any estate or trust to post a surety bond. The state also requires an individual who is a fiduciary in an estate or trust and is an owner, employee, or agent of an estate or trust with assets exceeding $100,000 to post a surety bond. The South Carolina Fiduciary Bond (Other Than Probate) policy covers the responsibilities of an individual who does not serve as executor or administrator of a will but acts as a fiduciary for another person’s property. Examples include powers of attorney, agent under disability, agent appointment, and trustee appointments. Another person must establish the trust with assets exceeding $100,000.

Fiduciary Bond

Fiduciary Bond Amount

The amount of the fiduciary bond you need to post depends on the assets in the trust. For example, if the faith has $50,000 in assets, you would need to post a $10,000 bond. If the investments in the trust increase to $100,000 or more, you need to post a $25,000 fiduciary bond. The bond amount is only a fraction of the total amount of the trust. For example, if the faith has $100,000 in assets, the bond would only need to be $25,000, even though the amount in the trust is $100,000. The reason for this is that it reflects the fact that the fiduciary is liable for only a portion of the trust assets.

Requirements to Post a Fiduciary Bond in South Carolina

To post a fiduciary bond in South Carolina, you must meet the following requirements: - You must be at least 18 years old. - You must have a valid South Carolina address. - You must have an active SC state business license. - You must be legally authorized to do business in SC. - You must not be listed on the South Carolina Unclaimed Property list. - The trust must have assets exceeding $100,000.

Conditions for Filing a Surety Bond in SC

You must meet the following conditions when you post a fiduciary bond in South Carolina: - The trust must be irrevocable. - The trust may not be revocable by the grantor. - The trust must have no beneficiaries. - Trust property must not have restrictions on its use.

Exceptions to the Requirement to Post a Bond

If the trust has only one trustee who is also the sole beneficiary, then the trustee does not need to post a fiduciary bond. - The trust has no assets. - The trust is not part of any estate.

How to File a Fiduciary Bond in SC

There are two ways to post a fiduciary bond in South Carolina: - You can post a fiduciary bond directly with the SC Department of Insurance. - You can post a fiduciary bond with a South Carolina surety. The advantage of posting the fiduciary bond with a surety company is that you only need to file one bond with one company instead of filing a bond with the state Department of Insurance for each trust you are a fiduciary. The disadvantage of going through a surety company is that you will have to pay a fee for each bond.

Conclusion

The fiduciary bond is a fidelity bond that protects third parties from losses due to the negligence or fraud of the principal. The fiduciary bond is an important security measure for businesses that rely on others to hold assets or make decisions on behalf of the company. In some cases, a fiduciary bond is required by law. The State of South Carolina requires individuals who act as fiduciaries in any estate or trust to post a surety bond. The state also requires an individual who is a fiduciary in an estate or trust and is an owner, employee, or agent of an estate or trust with assets exceeding $100,000 to post a fiduciary bond.

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How do I get a South Carolina Fiduciary Bond (Other Than Probate)?

The application process for a South Carolina Fiduciary Bond (Other Than Probate) is quick and easy, usually only taking about five minutes from start to bond download (as with most our instant issue bonds). Simply click the "Buy Now" button below, complete the few questions for the bond application, pay your premium online, Docusign the agreements, then download your surety bond delivered via PDF. You can now print your now effective, signed and sealed bond in color.

By posting a surety bond, principals pledge to comply with the conditions of any written contract or applicable law.

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