Home > Debt Articles, Insurance Articles > Applying for a Guardian of a Minor Surety Bond: Costs and Procedure

Applying for a Guardian of a Minor Surety Bond: Costs and Procedure

Todays Date: January 18, 2019
A Guardian surety bond guarantees performance of duty. Granted by a court official, a Guardian surety bond grants an individual the right to be the legal guardian and administrator for the estate of a minor.

A guardian is any adult person, corporation, or association appointed by the court to assume responsibility over the management and care of a minor (a person less than 18 years of age whose parents are unsuited to custody), specifically their estate, person, or both.  It’s important to note that a corporation can only serve as the guardian of an estate, not a person.

Guardian of a Minor surety bonds are required by the county courts of persons who have been appointed as a Guardian or Conservator responsible for handling the assets of a minor, or other incapacitated party.  Guardian bonds, or “Guardian of a Minor” surety bonds guarantee that funds will be handled in accordance with court orders.  In these instances, the surety usually requires the applicant obtain an attorney’s assistance, due to the complexities involved.  Guardian surety bonds must be paid annually until the estate is settled, and for these surety bonds, most often premiums are collected in advance until the minor reaches the age of 18.

In most cases, guardians are recommended by close relatives of family friends, and than appointed by a court of law.  Upon becoming legal guardian, regular reports are required to be submitted to the court regarding their charge.  In some cases, Guardianship surety bonds are required in the case of an individual being appointed as legal guardian, and therefore may be required to purchase a Guardian surety bond.  This surety bond serves to ensure that the guardian of the minor accurately manages all affairs and finances of the individual who is underage and unable to do so for themselves.

Guardian surety bonds are necessary because of the nature of the position—one person controls the assets, finances, and well being of the person in their care.  Guardian surety bonds aim to guarantee that the Guardian acts in best interest of the underage party they’re responsible for, and adheres to all court rules.

Guardian of a Minor surety bonds can be both expensive and time consuming to obtain, although an experienced surety company can help you with the process.  Prices vary depending on the assets of the minor or their income.

Should you have specific Guardian of a Minor surety bond questions, require more information about this bonds in your state, or wish to speak with a knowledgeable agent or underwriter, there are agents happy to help and resources online meant to simplify your surety bond application process.

Erica R. is a freelance writer for BondAbility.  For over thirty years, the owners of BondAbility processed surety bonds for insurance agents, serving as underwriters for major surety bond companies.  No longer just underwriters, BondAbility now works with both agents and consumers, helping them obtain surety bonds and simplifying the bond application process.  Now bringing these services directly to you, BondAbility is committed to offering fast, simple, and cost effective methods for customers and agents who wish to obtain miscellaneous surety bonds, including Guardian surety bonds.

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