Pennsylvania Guardian of Incapacitated Persons Bond
AmeriPro Surety Bonds | 844-589-9732
Probate of Incapacitated Persons
The Pennsylvania guardian of incapacitated persons bond is a type of probate bond which is sometimes required by the courts as a condition of appointment as guardian.
A probate bond furthermore is a type of fiduciary surety bond.
If you are reading this page, you may have likely been told that you are required to purchase a probate bond in order to secure your appointment as guardian.
AmeriPro Surety Bonds explains what the bond is, its purpose, and how to qualify for this bond from our agency.
Pennsylvania Guardian of Incapacitated Persons Bond: Required by Statute
The Commonwealth lays out the conditions for bond requirements for incapacitated persons in the state. These statutes are found under Title 20, Chapter 55, Subchapter C from the Pennsylvania General Assembly.
Pennsylvania Guardian of Incapacitated Persons Bond: The Purpose of this Bond
The purpose of the requirement for the bond is to act as a financial guarantee that a guardian will act in a proper fiduciary capacity as overseer of the incapacitated person’s estate.
The bond as such is a financial guarantee that protects the incapacitated person from any acts of theft, fraud, or harm that could conceivably be committed by a guardian in their administrative duties.
In Pennsylvania, at the court’s discretion, a guardian may be required to obtain two separate probate surety bonds:
- One may be required for the incapacitated person’s personal estate;
- The second may be required by the court in the name of and in favor of the Commonwealth.
Pennsylvania Guardian of Incapacitated Persons Bond: The Amount of Surety Bond Required
The amount of surety bond that you are required to purchase will be determined by the probate court.
Our agency will need a copy of that court order (or a letter from an attorney on attorney letterhead) stating the amount of the surety bond required. This is for purposes of having the bond underwritten.
The amount required by the court will in all likelihood be in the value of the incapacitated person’s estate, or in an amount equal to what you will have access to as administrator. However, again, it is the Pennsylvania court who will determine the amount of surety bond you must purchase.
The Premium and Duration Of this Probate Bond
The premium required for the this guardian probate surety bond will be based upon your application and credit.
You will want to keep in mind that the premium for this surety bond is not a onetime payment. For as long as you are guardian, and for as long as the estate remain in probate, the premium will renew annually.
Qualifying for This Probate Bond
The application process for this probate bond is slightly more detailed; however, our agency is committed to making the process as quick and accurate as possible.
As an applicant for this bond, you may or may not be asked to:
- Provide personal banking statements going back several months;
- Detail a list of cash on hand (i.e. savings and checking accounts);
- Disclose whether you have any prior bankruptcies, tax liens, or unsettled judgments (or any pending lawsuits);
- Provide an account of real property owned, either alone, or with others;
- Provide a statement of your net worth (this is any assets minus liabilities);
- Provide information regarding any investments and their current market value.
We provide this information for you so that you may know what to expect ahead of time.
About Our Agency
AmeriPro Surety Bonds’ concentration as an agency is one thing: surety bonds.
Throughout the Commonwealth, we provide license and permit, contractor, court, and fiduciary surety bonds.
Our agency also provides surety bonds nationwide.
We are committed to working with you to obtain the probate surety bond and to having it filed in a timely manner.
Please call our agency today: 844-589-9732