• September 15, 2020

What to Do If You Are a Conservator and Need a Surety Bond

What to Do If You Are a Conservator and Need a Surety Bond

What to Do If You Are a Conservator and Need a Surety Bond 1024 682 Patrick J. Thomas Agency

Most conservatorships, whether new or existing, are required by the courts in their state to obtain a surety bond. These conservatorship surety bonds provide protection for the person who is the subject of the conservatorship in the event that the conservator fails to faithfully fulfill their duties. In many cases these bonds are required either before or just after a court appoints a conservator to manage the estate of a protected person. However, there are some cases where a person has been serving as a conservator (sometimes for years) without a bond and they now find themselves in the position of having to get one. This is generally because of a court order. 

Bonds Are Not a Bad Thing

Some people view conservatorship bonds as a bad thing, but they are far from it. They are simply a type of insurance that provides an additional layer of protection for the protected person. Obtaining one doesn’t mean that a conservator cannot be trusted, nor does it mean that there is any guarantee a claim will ever be made against one. They simply provide financial recompense in the event that a protected person suffers financially because of the actions (whether intentional or not) of a conservator. 

When Courts Require a Surety Bond for Conservators

In the state of Minnesota, if a conservator has been appointed to manage an estate that contains assets valued at over $10,000, the court will generally require and set a conservatorship bond. These rules will vary from state to state, so make sure to check with the court or your attorney to find out if you need to obtain a surety bond for the conservatorship you manage. 

How to Obtain a Conservatorship Bond

All surety bonds are provided by a qualified surety company (similar to obtaining insurance through an insurance company), but this doesn’t mean that you have to go directly to a surety to obtain a bond. Surety bonds are like contracts, and there are a lot of intricacies that go into the creation of them. Conservators will also need to provide a set of information in order for the surety to underwrite the bond. 

While the process is complex, applying and obtaining a bond can be simplified by working with a surety bond agency. Agencies have long-running relationships with sureties across the country. At The Patrick J. Thomas Agency, we have experience working with attorneys and private individuals to help them obtain conservatorship bonds for their particular case. 

All you have to do is provide a few pieces of information and we can help you begin process of applying for a bond. Get in touch with our team today. 

Disclaimer: this is for informational purposes only and is not intended to be legal advice. If you need legal counsel, please contact an attorney directly.