Guardianship Bonds in Canada: Court-Required Bonds for Appointed Guardians
A guardianship bond guarantees you’ll manage someone’s finances properly. Courts and the Office of the Public Guardian and Trustee require it before you can act. Premiums are based on the bond amount and your credit profile.
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What is a Guardianship Bond?
A guardianship bond is a surety bond the court requires before you can manage the finances of someone who cannot manage them on their own. That includes minors, elderly individuals, and people with disabilities.
The bond protects the person in your care. It guarantees that you, as the appointed guardian, will handle their money and assets responsibly and in their best interest.
In Ontario, guardianship bonds are typically required under the Substitute Decisions Act, 1992. The Office of the Public Guardian and Trustee (OPGT) or the court sets the bond amount based on the value of the assets you’ll be managing.
You cannot act as guardian until this bond is in place. Getting it done quickly matters.
When are Guardianship Bonds required?
When You Need a Guardianship Bond
A court or the OPGT requires a guardianship bond when:
- You’ve been appointed guardian of a minor’s property (e.g., a child who inherited money or received an insurance payout)
- You’ve been appointed guardian of an incapable adult’s property (e.g., a parent with dementia, a family member with a disability)
- There is no valid power of attorney in place
- The court has ordered guardianship under the Substitute Decisions Act or equivalent provincial legislation
The bond amount is usually set equal to the total value of the assets under guardianship, plus one year’s income from those assets. The court specifies the exact amount.
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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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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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