The guardianship bond insures that an appointed guardian will correctly manage the finances of the individual. This type of bond is also known as custodian bond.
This Custodian Bond, a type of Probate Bond, guarantees faithful performance of duty by a fiduciary appointed by the court to administer the estate of a minor or incompetent person. The Custodian Bond is synonymous with the Guardianship Bond.
Guardianship bond also is known as Custodian Bond, Fiduciary Bond can be issued on the same day of receiving a signed application & court documents.
A guardianship bond is essentially an insurance policy that is posted by the guardian to ensure that the estate will be reimbursed if the guardian stole assets of the estate, misappropriated them in some manner, or negligently lost the assets.
What Does a Guardianship Means?
If a person is no longer able to manage their own affairs, it may be necessary to appoint someone to make decisions on their behalf. The Guardianship Act sets out the limits of its responsibilities and functions and the principles to be applied when making decisions
How Much Does a Guardianship Bond Cost?
Bond Fees range from 0.80% to 3.00% of the face value of the bond per annum. Ins Cap adds significant value at this point by working with the underwriters to identify the key risk items and the risk mitigation practices to reduce the premium.
Can a Mother be a Guardian?
Most States have laws that provide that the parents of a minor child are the natural guardians of that child, and that the parents may designate who shall become the child's legal guardian in the event of death, typically subject to the court approval.
What Happens when a Guardian is Contested?
A contested guardianship refers to a situation in which the guardian status of a person is challenged, or called into question. This most commonly occurs when the legal guardian is not fulfilling their role as guardian
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