Guardianship Bond

What Are Guardianship Bond Requirements?

A guardianship bond is required by an assigned person who handles the property and monies of a minor or persons with limited intellectual functioning. Subject to its specific terms, this bond guarantees an honest accounting and faithful performance of duties. A guardian or attorney may file these bonds in a probate court.

What is a Guardianship Bond?

Guardian bonds are sometimes required before an individual can be appointed as the legal guardian of a minor, elderly person, or persons with limited intellectual functioning—anyone who cannot manage their own finances. This type of bond protects the finances or assets of the person who is the subject of the guardianship. 

Why Would I Need a Guardianship Surety Bond?

If the guardian mismanages or steals assets, then the bond operates like an insurance policy and pays the person who lost the assets or income. The bonding company can then take legal action against the person serving as the guardian to try to recover whatever money it paid out pursuant to the guardianship bond.

How Much Does a Guardianship Bond Cost?

The amount of the guardian bond depends on the laws of each jurisdiction. The laws may require the bond amount to match the assets and income of the person subject to the guardianship. Alternatively, the court may use a formula to establish the amount of the bond. Wondering how and where to apply for a guardianship bond? Brunswick Companies can helps you navigate this and all other aspects of obtaining a guardianship bond. 

Who Pays for a Guardianship Bond?

The guardian typically pays the cost of a guardianship bond, which includes the premium (a percentage of the bond amount). This cost is considered to be part of the guardian’s responsibilities to their ward. In some cases, a court may determine that the ward’s estate will cover the bond cost or explore financial assistance options if the guardian cannot pay the bond cost.

In summary, guardianship bond requirements can vary between jurisdictions; however, it’s important to be aware of certain requirements while seeking guidance from a surety bond provider like Brunswick Companies:

Guardianship Bond Requirements

• Court approval: A court will assess the need for a bond based on a variety of factors, such as jurisdiction regulations, potential for risk/mismanagement of funds, and the value of assets.
• Bond amount: A court will determine the bond amount based on the estimated value of the ward’s assets of their annual income.
• Bond premium: The guardian is responsible for paying the bond premium.
• Bond duration: A court will determine the bond duration, which may be required for a specified period or the duration of the guardianship.
• Reporting and compliance: A court will require the guardian to demonstrate proper management of the ward’s assets and finances.

Why Choose Brunswick

Brunswick Companies’ guardianship bonding specialists guide clients through the process of obtaining a guardianship bond as well as other surety bonds, risk management solutions and insurance.

Our clients receive:

• Fast, responsive and knowledgeable service
• Competitive rates on guardianship bonds
• Guidance through the process of obtaining guardianship bonds
• A proactive approach to improving your access to guardianship bonds
• Assistance with specialized guardianship bonding needs

Ready to explore your options for a guardianship bond? Reach out to Brunswick Companies for a quote today.