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Required by the office of the Public Guardian and Trustee or the court.
A guardianship bond guarantees a court that an individual assigned to serve as a guardian will perform his/her obligations as required by law. It is a certification of execution.
Certain circumstances oblige courts to select a “Nominee” to deal with the funds of a person who can't deal with his or her own finances, for example, a minor youngster, an elderly individual or an incapacitated individual or when there is no living power of attorney. This bond secures the funds or resources of the individual who is the subject of the guardianship ( under Substitute and Decision Act).
A guardianship bond is a type of fiduciary bond required from a person that has been nominated to take care of the financial matters of a person that is legally not able to take care of them on their own. The type of individuals the guardianship bond covers are people such as minors, an elderly person, and disabled persons. The bond guarantees the appointed guardian will do what is right in the financial interest of the other person.
Guardianship bonds are required when an individual needs help to take care of their financial obligations. They usually need help when they are no longer physically or mentally able to take care of matters on their own. The bond is used to legally protect the person needing assistance from possible neglect or theft by a person helping them with their finances.
The cost of a guardianship bond depends on the limit of the bond ($), and the financial/credit profile of a nominee (principal). An applicant will have to pay an annual premium. This premium is usually a set percentage of the total bond amount.
You will need to apply for a guardianship bond from a bonding company (Surety) via your Ai broker. The broker can issue a bond for you, on behalf of the Surety, which you will provide to the court to complete the appointment. You will need to provide important details about the case to the Surety’s underwriting staff upon consideration of the bond. There most likely will be a soft credit check performed on you. The surety will want to make sure that you are reliable in your financial obligations.
In order to file a claim, the claimant must file the claim in the probate court. The filing must happen in the state that the estate is found. The person filing the claim must be able to prove that the other party has not been acting in the best interest of the claimant.
We’ll help provide the right type of bond to fit your needs. We can also answer any other questions that you may have regarding guardian bonds. If you are looking for a guardian bond, give Ai Surety Bonding a call today.
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