What is a Guardianship Bond?
A guardianship bond is a type of surety bond that provides protection for a protected person who is the subject of a guardianship. The bond provides financial recompense in the event that the court appointed entity fails to perform the duties and obligations assigned to them as a guardian.
Guardianship bonds generally provide protection against:
- Mismanagement of funds
- Failure of a guardian to perform their duties
The Basics of Guardianships
A guardian is a person or entity who has been appointed to oversee the personal management of a protected person. Guardians have the power to make personal decisions, based on the actions of the court, that affect a protected person’s daily life, which can include:
- Basic daily needs (food, clothing, shelter, etc.)
- Living arrangements
- Medical decisions
- Social and recreational activities
Unlike conservators, guardians generally do not have power over the estate of a protected person or their financial investments and assets. However, a guardian can make the decision to ask the court to appoint a conservator should they deem it necessary.
Find out more about Minnesota Guardianships on the MN Courts website.
For the full outline of a guardian’s powers in Minnesota, see MS 524.5-313.
Why a Surety Bond is Needed for a Guardianship
Guardianship bonds are generally required by the court when a guardianship is formed. These bonds provide protection for a protected person should the guardian fail to perform their duties. The amount for the guardianship bond is generally set by the court, and while it does not guarantee that the guardian will perform their duties, it does provide financial payments to the protected person if they are harmed because of a guardian’s actions.
Depending on the state in which you live, the bond you need may be called a guardianship bond or a conservatorship bond.
Who Needs to Obtain Guardianship Bonds?
It is not up to the protected person to obtain a surety bond for their guardianship. A court will generally require one for a guardianship, but it is up to the guardian to pay for and obtain one before assuming their official duties.
Obtain a Guardianship Bond
For more information regarding guardianship forms and surety bonds, contact The Patrick J. Thomas Agency. Our surety experts can help you obtain a bond for your guardianship. We can help you navigate the process and iron out the details of your bond. Get started by getting in touch with our team today.