Court-appointed guardians are individuals appointed for the well-being of minors, disabled adults, or elders.
Guardianship bonds or custodial bonds are the types that ensure that a legal guardian performs in the best interest of the person they need to care for.
When it comes to an incapacitated elderly or adult, a guardian is entrusted with looking after their medical treatments, caregiving, and monitoring. The entire episode of maintaining legal guardianship is both emotionally draining and time-consuming.
A probate court expects the guardian to attain a guardianship bond to avoid complexity. So, read along to know more about guardianship bonds and who needs them.
What is a Guardian Bond?
A guardian is a court-appointed individual for someone else’s well-being. It is a proceeding that determines if a person is legally incompetent to care for themselves or their financial matters.
When an elderly is ailing or suffering from dementia, Alzheimer’s, stroke, or brain injury, a legal guardian is given the responsibility to care for them.
To ensure that the court-appointed guardian follows through with all the obligations, they must obtain a guardianship bond. This bond pledges that the guardian will conduct all their duties towards their wards.
The bond also determines that the guardian follows all court orders without taking advantage of the person. A guardian is generally the primary caregiver when the person in question is a minor.
A guardianship bond is a financially binding contract between:
- Surety: The company writing the bond on behalf of the principal
- Principal: The guardian who gets the bond and pledges to follow the contract
- Oblige: Is the court that seeks the bond from the principal
Apart from being the caregiver, the guardian also addresses the person’s financial affairs under their supervision.
How Does Guardianship Bond Work?
The probate judge will inform the principal regarding the bond for guardianship. Following this, the judge decides the amount and term of guardianship.
The principal connects with a surety bond company to obtain a quote for the bond. If acceptable by the principal, they pay the premium and file for the bond at the probate court.
If the guardian fails to fulfill their obligations, someone or the court can claim their surety bond. The surety will have to pay a valid claim on behalf of the principal. At the same time, the principal is accountable to the surety to pay back once things settle.
In short, the bond safeguards the minor or the aged from any abuse or neglect from the principal.
Who Needs to Get a Guardianship Bond?
In instances where the court appoints you as the guardian of someone, you are expected to post a guardianship bond. It may include episodes of looking after the other person’s health, financial affairs, assets, and more if needed.
If you are caring for a minor or someone who is not in a position to take care of themselves, you will most likely need a guardianship bond.
A guardianship bond is similar to a probate, trustee, and fiduciary bond. Additionally, not all legally approved guardians require a bond. The court generally determines if you would need to be bonded for taking up guardianship.
A guardianship bond is designed to safeguard the rights of a minor or an aged individual from any harmful action of their caretaker.
In order to ensure the process is hassle-free and swift, it is advisable to pick a surety bond provider who offers a faster and more affordable way to obtain a guardianship bond.