Guardianship Bond

What is a Guardianship Bond?

What Does a Guardianship Bond Protect Against?

Remember, as a guardian, you're chosen by the probate judge who will determine if you must purchase a bond before you can take official custody of the minor.

Common reasons why a guardianship bond is required are:

• The minor is left a considerable value of assets
• The named guardian in the will is contested by other family members
• The court appoints a neutral third part to serve as guardian

When you're notified that you need to purchase a guardianship bond, the probate judge (or attorney) will tell you:

• The amount of the bond to purchase
• How long you must keep the bond active

You'll learn about the bond term below, but how long you must keep the bond active refers to how many years the judge requires you to remain bonded.

In most cases, the lifetime of bond comes down to:

• When the minor reaches 18 years of age
• Or if the minor for some reason passes away before 18 years of age

Again the bond serves as a form of protection for the minor in the event that a legal guardian:

• Misappropriating funds or assets
• Stealing from inheritance
• Selling assets without proper cause
• Mismanage key decisions affecting the minor

If a guardian is found guilty of these or similar actions, the minor or other family members can make a claim against the surety bond for financial compensation. However, claims can only go up to the amount of the surety bond.

The bond amount is going to directly affect the price to purchase the bond.

How Much Does an Guardianship Bond Cost?

The price to purchase a guardianship bond is based on a rate, determined by a surety.

A surety is a special type of insurance company that underwrites guardianship surety bonds.

When it comes to probate court surety bonds, the primary factor that determines the price is your personal credit and any past financial records of merit.

And this is why it's so important to work with a specialized surety agency like Surety Bonds Direct when you purchase a probate bond.

Once we get your necessary information, we'll price shop for you, collecting rates from every surety that underwrites guardianship bonds.

After comparing rates, we'll deliver the lowest possible rate to you so you pay the lowest price possible.

Let's look at some examples of pricing so you can get an idea of how important the rate you receive is.

We'll use a bond amount of $150,000. Pay attention to the prices and how much they change with small percentage point changes.

In most cases you're rate will come back between 0.5% and 1.0%.

While this pricing example is helpful to get an idea of what your costs might be, you can get your actual cost today by requesting a price quote.

It costs you nothing to have our bond specialists price shop for you.

And when you receive your pricing, you're under no obligation to purchase. This is free information you can use to get this process done.

Click here and request your no obligation quote today.

If you prefer, call 1-800-608-9950 to speak with a bond specialist. They will deliver pricing to you in under 24 hours.

How Long Does It Take To Purchase a Bond

Once you have your price, purchasing your bond only requires completing an online order form.

After your payment is processed, in most cases, it takes our issuance team less than 24 hours to have your bond issued with the:

• Correct bond form
• Appropriate signatures and seals
• Required power of Attorney

Timelines can change because every state is a little different in how they require you to submit. your bond.

• Some states will accept a copy of the bond meaning we can email your bond to you
• Some states want the original bond meaning we have to mail it to you
• Other states require a special bond form so you have to mail us the bond for us to prepare it and mail it back

Every situation is unique, but we've helped hundreds of individuals purchase administrator bonds.

There is no situation we haven't seen.

How Long Does an Guardianship Bond Last?

Remember, there are essentially two types of bond terms.

• The first bond term is how many years you're required to keep an active bond
• The second bond term is the length of time the bond remains active before it needs to be renewed

Remember, for guardianship bonds, the lifetime of the bond lasts until the minor is 18 years old.

When it comes to the renewal term, guardianship surety bonds have a bond term of 12 months (1 year).

This is another good reason why working with Surety Bonds Direct is a great idea.

We manage your guardianship bond for you.

Dealing with being the legal guardian and everyday life pressures, you'll have enough items and stress to worry about, so we manage your bond for you.

Your bond specialist will contact your 30 to 40 days in advance of your bond renewal date to make sure the process is fast and painless.

When you no longer need your bond, most probate courts will require a bond release form. We will also handle this for you.

Guardianship Bond vs Conservatorship Bond?

You may have heard of a conservatorship bond.

Being a conservator requires the same responsibilities as being a guardian. The only difference is a guardian is responsible for a minor (under 18 years of age) while a conservator is responsible for an adult.