To understand the guardianship bond, one needs to understand who is considered a guardian. A legal guardian is a person who has the legal authority (and the corresponding duty) to care for the personal and property interests of another person, otherwise known as a ward. Guardians are typically used in three situations: guardianship for an incapacitated senior (due to old age or infirmity), guardianship for a minor, and guardianship for a developmentally disabled adult.
A guardianship bond is a written agreement which is needed when the court determines the guardian. Like any other form of a surety bond, a guardianship bond is a three-party contract. The three parties are the courts, the guardian, and the surety. This bond provides a written assurance that, if by any chance, the guardian doesn’t fulfill their legal responsibilities, the surety will pay for the damages and seek reimbursement from the guardian.
Guardianship bonds are very similar to insurances and are often misunderstood. The main difference is that it doesn’t protect the applicant, but, instead, protects the ward. They protect against losses or damages should the guardian behave improperly or unethically. The total amount of a guardianship bond is not fixed, and is usually determined by a judge. Generally, the bond amount will vary based on the specifics of the case.
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