What is a Guardianship Bond?
A Guardianship Bond is a type of surety bond that ensures an individual who has been appointed in a court of law will perform and fulfill his or her obligations and duties faithfully and ethically. Generally, guardians are appointed for minors or people who can no longer care for themselves anymore, such as a disabled or elderly person.
What do Guardianship Bonds do?
Guardianship Bonds work similar to insurance. But instead of protecting you, they protect the person you are caring for. They protect against losses or damages should you behave improperly or unethically. This means if you steal money from a minor’s trust that you are caring for, a claim can be made against your bond and the minor won’t suffer any loss.
These bonds guarantee you will not abuse or neglect the person you are caring for. And if you do, the minor or incapacitated individual is protected by the bond.
Who needs a Guardianship Bond?
You will most likely need a Guardianship Bond if you are caring for a minor or someone who is unable to care for themselves, such as a disabled or elderly person.
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