Understanding a Guardianship Bond and Cost of a Guardianship Bond.
Posted by All State Bonds on
Guardianship Bond insures that an appointed guardian will correctly manage the finances of the individual. This type of bond is also known as custodian bond. Custodian Bond, a type of Probate Bond, guarantees faithful performance of duty by a fiduciary appointed by the court to administer the estate of a minor or incompetent person. The Custodian Bond is synonymous with the Guardianship Bond.
Guardianship bond also known as Custodian Bond, Fiduciary Bond can be issued on the same day of receiving a signed application
CUSTODIAN BOND or a Bond for Guardianship, Who needs a bond for guardianship?
A Guardianship bond is usually needed by anyone who is representing or caring for a minor, or someone who is disabled or otherwise unable to carry out their own affairs. While courts do not insist that a guardianship bond be purchased in all cases, it will require a bond when it is clear that a significant amount of money or general estate assets are at stake, and there is at least some possibility of misrepresentation on the part of an appointed guardian.
Are There Different Types of Conservatorship Bonds?
Not really. They are really an individual example of the broader category of fiduciary bonds, as are trustee, probate, estate, and executor. All of these act in virtually the same way, even though the terminology associated with each may be different. Fiduciaries who are appointed by the court for various roles such as guardians, executors, or trustees are the principals involved in all kinds of fiduciary bonds, including conservatorship.
As such, their roles are largely the same across all these assigned duties, i.e. they have been appointed by the court to act on behalf of an incapacitated person, so as to carry out some specific task that the disabled individual is unable to perform for themselves. It is often a requirement of the court for any of these fiduciaries to make regular reports on the progress of their assigned duties, so that a court may be confident of their compliance.
Most Court Bonds are issued on the same day and the rate start from around of $4 per thousand.