Bonds for Trustees

[djc0218]

What is the name of your state (only U.S. law)?California

Do the courts always order that a private professional fiduciary acting as trustee of an irrevecable trust get a bond that is paid for by the trust? And even if the trust instrument states that now bond shall be required by the trustee?

Thanks,
Dan

 

[seniorjudge]

What is the name of your state (only U.S. law)?California

Do the courts always order that a private professional fiduciary acting as trustee of an irrevecable trust get a bond that is paid for by the trust? And even if the trust instrument states that now bond shall be required by the trustee?

Thanks,
Dan

You have already started nine other threads on this subject.

Do not serially post.

 

[Dandy Don]

No, they do not. If the trust states that bond is required, then that instruction must be followed to protect the financial interest of the beneficiaries. Discuss with an attorney whether the cost of this can be deducted from the trust assets.