If professional aspects are at the forefront of bonds, personal aspects are not far behind. Amongst the many areas of life which require underwriting services, a guardianship bond is one that protects families.
A guardian is commonly appointed by a Court of law for three groups of people: minors, elders, and people with disabilities. In each case, their custodian is required to get bonded.
These guardians, or personal representatives, are appointed by the court to maintain the assets of individuals who are too young, or unable to make rational decisions about their own finances and properties.
Guardianship bond is a type of court bond, providing assurance of a guardian’s performance. By law, the individual principal(s) on the bond are required to fulfill their obligations during their term as a guardian. This includes acting fairly and protecting the finances of the individual they are obligated to care for.
Guardianship bonds are required by law. Part of serving your duties as a guardian is to acquire a surety bond. The bond writing process involves three parties, much like the other court bonds.
- The Principal: You, the owner of the bond and the individual who has to observe the terms of the bond.
- The Obligee: The minor, elder or disabled person who you are caring for, and who is protected by the terms of the bond.
- The Surety: The bond company which superintends the underwriting process and backs the bond.
The terms of your guardianship bond depend on your bond company and the laws of the jurisdiction under which the bond is served.
Fulfilling Your Bond Duties
As a guardian, you will need to display diligence, both in acquiring the bond and following the terms of the bond.
This surety bond requires you to have a stable personal character, credit score, and other financial strengths. In the event that you are unable to fulfill the requirements of the bond, the court can declare you as “un-qualified”.
If you do acquire your bond, you will be required to submit timely reports of your guardianship to the court, which encompass how you as a guardian utilized the resources belonging to your ward.
This bond serves to protect the minor, the dependent person who trust their guardians to make impactful, financial decisions on their behalf. In case a guardian fails to fulfill their duties, or indulge in unfair, criminal practices concerning the obligee’s finances, they will face legal action.
That being said, a guardianship bond guarantees that legal guardians are dedicated to acting in their wards’ best interests. These bonds must be fully exonerated by a Court Order as they cannot be cancelled.
As an online bond agency, we help individuals throughout the 50 states attain Court or Probate bonds with efficiency and convenience. Privacy is paramount in our underwriting services—BondPro’s underwriting experts impart discretion in their services to ensure you can work through your bonding process with ease.
Reach out to us today to get your bond process started!