New York Guardian of Incompetents Bond
AmeriPro Surety Bonds | 844-589-9732
Update February 2020: AmeriPro Surety Bonds now offers the New York guardian of incompetents bond, a type of probate bond, for any amount up to $100,000 without a credit check inquiry.
New York Court-Appointed Guardians
The New York guardian of incompetents or incapacitated persons surety bond is a type of fiduciary bond that is required by New York courts in some instances.
This requirement is as per New York Article 81 of the New York State Mental Hygiene Law.
If you are reading this page, it is likely that a recent court order has mandated that you obtain a surety bond as a condition of being appointed guardian.
Already, our agency knows that your time is limited for filing the bond.
AmeriPro Surety Bonds explains to you the reason behind the guardian bond, its amount and premium, and we help you to file the bond in a timely manner.
New York Guardian of Incompetents Bond: Purpose of this Bond
Since the court has appointed you guardian, your job is to act in a fiduciary capacity. It’s a big responsibility. This may include overseeing the assets, investments, and properties of the one for whom you are appointed.
The purpose of the New York guardian of incompetents bond, then, is a financial guarantee that you will always act in the best interests of others, as guardian.
The surety bond’s existence protects that person for whom you have responsibility from any acts of fraud, theft, willful or criminal misconduct or mismanagement of funds, investments, or property (and other goods) in your fiduciary duties.
As you’ll notice, the bond’s protection is solely for the benefit of the person for whom you are appointed guardian. It does not protect the appointed guardian at all, nor is it a type of liability insurance policy.
Were a claim ever paid on a surety bond for wrongdoing, it would be the legal responsibility of the purchaser of the surety bond (the guardian) to reimburse the surety company for all costs involved in satisfying the claim.
The court’s objective in requiring the surety bond boils down to one thing: protecting the well-being of the person for whom you are appointed guardian.
New York Guardian of Incompetents Bond: Amount Required
The amount required for this surety bond will be determined, as you may have already learned, by a court order.
The court may take into account the value of the incompetent’s estate, plus two years in additional income to determine the bond amount.
Our agency will require a copy of the court order to which states the amount of bond required.
In lieu of a copy of a court order, letter from legal counsel, if applicable, on attorney letterhead would be an acceptable substitute, provided that it has the same details as would the court order.
The Premium for this Surety Bond
The premium is the amount that you will be required to pay for this fiduciary surety bond.
The premium amount is reflective of the following:
- The amount of bond required;
- Information provided in your application (discussed in more detail below);
- Your credit score.
You may be able to ask — and receive — a reimbursement for the premium paid — by order of the court, if you paid for the premium using your own funds; however, you will, of course want to speak with the court about this. We cannot guarantee this nor speak on the court’s behalf.
Annual Renewal of Surety Bond Premium for the New York Guardian of Incompetents Bond
It is important to point out that for as long as you are guardian and for as long as the bond is active, the premium renews on an annual basis.
Qualifying for the NY Guardian of Incompetents Bond
Qualifying for this guardian fiduciary/probate bond involves an application.
We can accept the application over the phone, and it is advisable to do so; however, we will leave that up to you.
You can be expected to provide information on the following:
- Your employment, and monthly or annual income;
- Cash on hand — in checking and savings accounts;
- Investments owned by you or jointly with a spouse. These include, stocks, bonds, mutual funds, certificates of deposit, 401k’s, and the current market value of these; also, where these investments are held;
- Real property owned;
- Whether you have ever filed for bankruptcy, or have any outstanding tax liens or unpaid judgments.
Additionally, a standard credit check will be involved.
If you have any concerns about the above, we encourage you to be forthcoming with our agency. We will do all that is possible to get you bonded, and options exist.
About Our Surety Bond Agency
After your bond has been approved we will send it to you immediately for filing with the court.
We can provide an email copy for your viewing; however, it is only the original copy that can be filed and that will have the necessary signatures (you will also be required to sign the bond).
AmeriPro Surety Bonds is a surety bonds-only agency. We provide New York probate surety bonds, license and permit bonds, and court bonds throughout the state.
We also provide surety bonds nationwide.
Please call AmeriPro Surety Bonds today at: