Illinois Guardian of Minors Bond
AmeriPro Surety Bonds | 844-589-9732
In Illinois, when a minor’s estate has a value — either currently, or in the process of receiving — of $10,000 or more, a guardian is appointed by an Illinois court over that estate.
This occurs when the minor has no parents or they cannot be located.
The guardian acts in a fiduciary capacity over the minor’s estate. It is their duty to see that the estate is properly taken care of on behalf of the minor.
If you are appointed an Illinois guardian of a minor’s estate, it is your legal duty to obtain a surety bond.
Without surety, a court may not permit you to act as guardian.
Illinois Guardian of Minors Bond: The Purpose
The purpose of the Illinois guardian of minors bond is to act as a financial guarantee that an appointed guardian will only act in the best interests of the minor and of the estate.
The guardian, at least partly, does so by preserving the estate’s value until such time that the minor comes of age and is allowed to manage his or her own financial affairs.
The bond, required by the Illinois probate court, protects the estate — and by extension the minor — from any acts of fraud, theft, embezzlement, or other criminal malfeasance and misfeasance that an estate guardian may commit.
The bond guarantees that if financial harm can be established, that amount may be recouped by the existence of the surety bond on behalf of the minor.
What it is not, however, is an insurance policy.
Because it is not insurance, if a claim were ever paid on the bond, it would be the legal liability of the bond’s principal to fully reimburse the surety for all costs and fees involved.
Illinois Guardian of Minors Bond: The Amount
According to Illinois law, the amount of the surety bond required for a guardian of minors bond is 1.5 times the value of the estate.
Illinois Guardian of Minors Bond: Qualifying for this Bond
An application, along with a credit check will determine your qualification for a guardian of minors surety bond.
Depending on the value of the estate, the application can be more detailed.
Applicants for a guardian of minor surety bond for a large estate may be asked to provide:
- Information on income and the source of sources;
- Net worth, which is defined as assets minus income;
- Investments, their nature, type and value;
- Whether you have any judgments, tax liens, any criminal indictments or convictions;
- The value of real property owned.
AmeriPro Surety Bonds is a surety bonds-only agency.
We are committed to making your surety experience efficient and as easy as may reasonably be expected.
Our agency thanks you for your consideration and we look forward to working with you.