While it is a specific type of bail bond, you may still be asking, “what is a guardianship bond?” Guardianship bonds are legal obligations for an individual to serve as a guardian for a minor or otherwise incapable person, such as the elderly or a disabled person. The guardianship bond guarantees the performance of the guardian responsible for managing the dependent’s finances, and as such, protects the assets of the subject of the guardianship.
How does a guardianship bond protect the subject?
The guardianship bond is usually administered through a bonding company who essentially acts as an insurance company for the subject’s assets. If the guardian abuses or mismanages the assets, the bonding company will then compensate the subject for the amount lost, and then take legal action against the guardian to recoup the amount of money they paid out to the subject.
How do I obtain a guardianship bond?
You’ll need to first contact a bonding company so that you can submit an application for the guardianship bond. While the amount of the bond will differ depending on your jurisdiction, if you plan on having a large bond amount, be prepared for a complete credit check. This is the only way bond companies can trust you to manage the assets of the subject. If you don’t pass these credit checks, the courts will deem you as “not bondable” and most likely select another individual to be the guardian.
Once you obtain a guardianship bond, you’ll need to consistently provide reports to the court so they know you are managing the assets properly, such as expenditures and investments. While there is also a fee associated with obtaining a guardianship bond, the courts usually allow the cost to be paid from the assets of the subject, rather than out of your pocket.
Need to Find a Guardianship Bond?
If you’re looking to get a guardianship bond, you should contact a bonding company as soon as possible. TalkLocal can make that search extremely easy, connecting you with local, high-quality bond agencies in just minutes.
