Bond Amount
Based on Court Requirement
Underwriting Criteria
- Completed application
- Personal Financial Statement
- Court Documentation
- Confirmation that the applicant is working with an attorney
Requiring Entity
County of the Superior Court of the State of California in which the bond is filed
Who is Required to Secure this Bond
A guardian is anyone who has the legal responsibility for the care of a person or a person’s property (or both) because of the inability of that person to manage his or her own affairs. A guardian is often appointed by a probate court to look after the affairs of a minor or an incompetent (often referred to as “ward of the court”). The “guardian of the property” is usually responsible to ensure that the ward is properly supported or educated. All jurisdictions have statues that safeguard the rights and interests of minors and legally incompetent persons. These statues require a guardian to post a bond before assuming the role of fiduciary for a minor or incompetent.
Why is the Bond Required
The bond is required to ensure that the administrator or executor faithfully carries out the directives of the will or court order with regards to the estate. The bond cannot be terminated until the court acknowledges that the fiduciary has properly performed all duties and orders. The bond protects against any fraud or embezzlement that could be perpetrated by the executor or administrator.
Who is Protected Under this Bond
The bond protects the assets of the estate from any fraud or embezzlement by the administrator or executor. In doing so, the bond protects the heirs of the will or estate and ensures that all assets are distributed according to the will or court order.
Underwriting Process
The bond amount for a administrator or executor can vary dramatically based on the estate assets and court requirements. However, if the required amount required is under $10,000, the bond will be INSTANTLY ISSUED, upon receipt of completed application and necessary court documentation.
If the bond amount is greater than $10,000, the applicant will be required to supply a completed application, court documentation and a personal financial statement. Upon receipt of these items, the application will be review and a response as to approval will be provided within 1-2 business days.
What you Need to do Once you Have your Bond
Once the bond has been issued and released to the client, it must be filed with the Court. The bond will remain in effect until the court acknowledges that all duties performed by the administrator or executed have been faithfully performed and a formal discharge is issued.
* Please be advised that the quote you obtain for this bond may include a fee charged and retained by The Bond Exchange.