Guardianship Bonds – Everything You Should Know
Life can truly be unpredictable and everything can change at the drop of a hat. Although the probability is somewhat slim, you may end up being forced to become a guardian for a minor or disabled individual in the future. This is truly a big responsibility and anyone, who agrees to take it on, should be commended for his or her bravery. Of course, you cannot just assume the guardian role. Instead, you will need to proceed through a court process, before you can be officially appointed the guardian. Below, you will learn about guardianship bonds offered by ConstructionBond, so you can carry out the process sooner rather than later.
What Are Guardianship Bonds?
Now, it is pertinent to learn about guardianship bonds and their purposes. These bonds must be obtained, by anyone, who wishes to become a guardian of another individual. When obtaining this bond, you are agreeing that you will perform your duty admirably and faithfully. You agree that you will properly manage all important matters and finances for the individual you’re agreeing to look after. Although it is possible for the court to waive the bond requirement, it is generally a must and should not be ignored.
If you desire to obtain the guardianship bond and become the legal guardian of a minor or disabled individual, you should understand the duties involved. By obtaining the bond, you are agreeing to perform these duties faithfully. Below, you will find a handful of things that must be fulfilled.
- Providing the individual with residence
- Appropriate health care
- A proper diet and food
- Social activities
If you are responsible for caring for an incapacitated individual, you will need to consider their wishes, when making important choices. Failing to fulfill these duties faithfully could lead to problems and complaints.
When it comes to the costs of guardianship bonds, you should realize that the finalized price could vary substantially. This is the case, because the cost is determined on a case-by-case basis and is formulated, after analyzing a handful of factors. Below, you will find a breakdown of the factors, which will prove to be impactful on the price.
- The specific laws and requirements of your province or territory
- Your current credit store and financial stability
- Factors relating specifically to the case in question. For instance, the value of the estate
Remember that maintaining a good credit score can help you obtain a low rate, but even those with bad scores will be able to obtain a custodial bond, if desired.
The 3 Parties
There are three parties involved in guardian bonds. The individual, who wishes to become the guardian, will be designated as the principal. They are responsible for obtaining the bond and fulfilling their duties, as specified within the contract. The court or province is considered to be the obligee, since they’re requiring you to obtain the bond. Finally, the surety is the company, which is assigning you the bond.
Getting Covered Now
Taking over a guardianship role cannot wait. It is essential to obtain this type of court bond as quickly as possible, so the disabled individual or minor can receive proper care immediately. Be sure to utilize the information above to help guide you in the right direction.
Other Types of Court Surety Bonds we provide:
- Appeal Bond – Acquired prior to appealing a court’s judgment to have it overturned.
- Executor Bond (Administration Bond) – Protects victims against fiduciary dishonesty and misconduct.
- Probate Bond – Protects the interest of the obligee by demanding the principal to be bonded.
- Notary Bond – Acquired by notaries to protect their signers.