In order to get a judicial bond, one needs to contact a surety bond company. It ensures that the applicant is financially sound enough to proceed and able to pay for any court proceedings. While applying for a judicial bond, the surety company will ask details related to the applicant’s financial history. To be approved, it is compulsory that the applicant has a good credit history and solid references. If approved, the total amount of the bond will likely be set by the court. The applicant will pay a percentage of this amount depending on the personal and financial history.
Probate Bonds and Fiduciary Bonds: These bonds ensure that caretakers (which include, administrators, committees, executors, guardians or trustees) are able to ethically and honestly fulfill their court-appointed duties (especially those related to management of funds) according to the court’s expectations. Fiduciary bonds, in general, is a vast term that authorizes individuals to fulfill court-appointed tasks, such as managing an elderly individual’s property and finances ethically and in accordance with the court’s instructions.
Types of fiduciary bonds include:
Custodian Bond: A custodian bond is very similar to a guardianship bond. A person purchases a custodian bond only after he or she is named to be a custodian of a disabled person or a minor and their assets. It makes sure that fraud or unethical behavior is not committed.
Executor Bond: An executor bond is issued in order to manage the estate according to the deceased’s will. Before an individual can officially be appointed as an executor, the court responsible for the estate might require a surety bond to be filed.
Veterans Affairs Fiduciary Bond: Most veterans, surviving spouses, their children or sometimes dependent parents are entitled to receive VA benefits. In 2011, the United States Department of Veterans Affairs began allowing veterans’ friends and family members to act as their guardian. This bond provides financial stability to those who are the kin of military veterans, makes sure the veteran’s bills are paid on time and that their assets are not unethically distributed.
Nominal Bond of Personal Representative (Maryland): This bond is required of the Personal Representative of a will, in order to ensure that the will is executed based on the deceased’s wishes. This bond requires the court-appointed personal representative to use the estate to pay all debts owed by the deceased as well as the Maryland inheritance tax, court costs and register’s fees.
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