A surety bond, also known as a probate bond, is a form of security that is mandatory for fiduciaries, including executors and trustees. This bond serves as a guarantee for the fulfillment of their duties and obligations. It is a crucial component of the financial system, providing protection to both the fiduciary and the beneficiaries. As a knowledgeable finance professor, I highly recommend understanding the significance of surety bonds in order to effectively navigate the world of finance.
