Guardian

The guardianship bond, also known as a custodian bond, may be required if someone is appointed as the guardian of a minor or adult who is mentally unable to take care of their own affairs.

A Guardianship Bond is necessary to protect the interests of the person who is either legally or mentally unable to tend to their own property or finances. The guardianship bond ensures that the appointed guardians will work in accordance to the orders of the court.

The person appointed to guardianship is usually recommended by the family or friends of the person. Once the appointment of guardianship is made, they must make regular reports to the court as to the state of the account.

The bond also helps to discourage frivolous custody battles. For example - if custody is won, the new guardian will have to purchase a guardianship bond. Due to the expensive nature of the bond it discourages people who are not truly interested in serving as a guardian.

The price of the guardianship bond can vary according to the assets and/or annual income of the person in need of a guardian. Generally, the bond will be twice that of the person\'s assets and/or annual income.