Many courts and the Veterans Administration (VA) may appoint a conservator, guardian or fiduciary to manage the affairs of a ward or beneficiary. An adult ward or beneficiary may have been incapacitated by illness, accident, war injury, birth defects or afflictions of advanced age. The conservator, guardian or fiduciary often is required to secure any funds the ward or beneficiary may have, pay bills, manage any assets, sell real estate (upon court approval) and provide financial reports to the court or Veterans Affairs Administration.
To ensure that any funds the ward or beneficiary may have are kept secure, a surety bond may be required. The bond is held by the "Obligee" until the case is discharged either by the recovery or death of the ward and a final financial accounting is submitted. The Obligee may be a county probate court or the Veterans Affairs Administration. You, the applicant being the Conservator, Guardian or Fiduciary are the "Principal" on the bond.
A Fiduciary Surety Bond is required for anyone appointed by the Veterans Affairs Administration to manage the VA benefits of a beneficiary or minor or dependent of a veteran whom is unable to mange these affairs on their own.
A Conservator or Guardian of an Adult Surety Bond is required for anyone appointed by the court to care for an adult, also known as a ward.
An individual may petition the Court to be appointed a conservator, or the Court itself may nominate a person to serve as a guardian. The Probate Code defines "Conservator" as having financial responsibility over the estate. When an adult owns property or needs representation in a legal action, then that adult may need a conservator.
Surety bond amount requirements will vary depending on the assets, real estate, retirement income, social security, VA benefits and other sources of funding that the ward or beneficiary has or may have. The probate court or Veterans Affairs Administration will set the bond amount required. The bond amount can be increased or decreased as funds come in or are depleted. When this occurs, the Surety that issued the bond will provide a "Rider" for the change to the bond amount.
The premium you pay for a Conservator, Guardian or Fiduciary Surety Bond is dependent on credit and the bond amount required. Call our Surety Bond Specialists for a free, no-obligation quote.
Conservators receive payment for their services from the assets of the estate they are managing. A family member who is a conservator must make their request for compensation to the court.
Our Surety Bond Specialists are ready to assist you with your bonding needs.
Hours: 8:00-5:00 CST, Monday through Friday