Infographic: Understanding Fiduciary Bonds:Who Needs Them and Why?

The Infographic, “A brief description of Fiduciary Bonds & Court Actions,” explains the different types of Fiduciary Bonds. Additionally, the fiduciary’s purpose and role are also explained.   

One of the primary purposes of these bonds is to guarantee that the fiduciary faithfully and honestly executes all their duties and responsibilities. These bonds can act as a means of protection against fraud and dishonest acts carried out by the fiduciary and would hold the fiduciary liable for any losses that may occur.

Since a fiduciary handles another person’s finances on their behalf, having a fiduciary bond is necessary for protection.Making fiduciary bonds mandatory those who have been appointed as a caretaker of someone else’s assets, the court is better able to ensure a fair conduct by fiduciaries and minimize probability of wrongdoings. For more information, refer to the infographic below.