What is a Conservatorship Bond?
A conservatorship bond is a type of surety bond that ensures the person or entity that has been appointed by the court to serve as conservator over a vulnerable person will fulfill the duties and obligations assigned to them.
Should the conservator fail in their duties, the conservatorship bond protects the affected party’s assets and finances. The amount for a conservatorship bond is set by the court and is based on the financial value of the protected person’s estate.
The Difference Between Conservatorship and Guardianship
Conservators are court-appointed fiduciaries who are charged with managing a protected person’s assets. There are various duties and powers the court can grant a conservator. A full description of the powers and other expectations the court has of a conservator can be found within MS 524.5-417.
While conservatorship focuses on financial assets, guardianship commonly relates to medical decision making, and place of abode. A full outline of a guardian’s powers and duties can be found at MS 524.5-313.
Getting a Conservatorship Bond
The rules and requirements for conservatorship vary from state to state. Unless the person’s estate is very small, a conservatorship bond will most likely be required.
For more information on filing for conservatorship or obtaining a conservatorship bond in your state, contact the experienced professionals at the Patrick J. Thomas Agency.