Guardianship Bond
Guarantees the court that the individual assigned to serve as a guardian will perform their obligations as required by law.
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What is a Guardianship Bond?
Required by the office of the Public Guardian and Trustee or the court.
A guardianship bond is a type of fiduciary bond required from a person that has been nominated to take care of the financial matters of a person that is legally not able to take care of them on their own.
The type of individuals the guardianship bond covers are people such as minors, elderly persons, and disabled persons. The bond guarantees the appointed guardian will do what is right in the financial interest of the other person.
Certain circumstances oblige courts to select a “Nominee” to deal with the funds of a person who can’t deal with his or her own finances, for example, a minor youngster, an elderly individual, or an incapacitated individual or when there is no living power of attorney.
This bond secures the funds or resources of the individual who is the subject of the guardianship (under Substitute and Decision Act).
When are Guardianship Bonds required?
Guardianship bonds are required when an individual needs help to take care of their financial obligations. They usually need help when they are no longer physically or mentally able to take care of matters on their own.
The bond is used to legally protect the person needing assistance from possible neglect or theft by a person helping them with their finances.
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Frequently Asked Questions
The cost of a guardianship bond depends on the limit of the bond ($), and the financial/credit profile of a nominee (principal). An applicant will have to pay an annual premium. This premium is usually a set percentage of the total bond amount.
You will need to apply for a guardianship bond from a bonding company (Surety) via your Ai broker. The broker can issue a bond for you, on behalf of the Surety, which you will provide to the court to complete the appointment.
You will need to provide important details about the case to the Surety’s underwriting staff upon consideration of the bond. There most likely will be a soft credit check performed on you. The surety will want to make sure that you are reliable in your financial obligations.
In order to file a claim, the claimant must file the claim in the probate court. The filing must happen in the state that the estate is found.
The person filing the claim must be able to prove that the other party has not been acting in the best interest of the claimant
Estate Bond Program for Lawyers
If you are an estate lawyer and would like to refer your clients, learn more about our program below:
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We believe in organically growing our network of business affiliates to assist and provide financial surety to lawyers across Canada and abroad.
Contact us by filling out the form below if your client requires an estate bond, if you have any questions about the estate bonding process, or if you would like to become a centre of influence for your clients.
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