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Cost: Depends on applic...
Fiduciary Bond | ||
|---|---|---|
Cost: | Depends on application | |
State: | South Carolina | |
Category: | Court & Fiduciary | |
Obligee: | ** South Carolina ** Generic Obligee | |
Amount: | Varies | |
Duration: | Stated on Bond | |
Expiration: | Stated on Bond | |
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.
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.
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.
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.
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.
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.
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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