Pennsylvania Guardian of Minors Bond
AmeriPro Surety Bonds | 844-589-9732
Guardian of Minors
Pennsylvania statutes which regulate the conduct of a guardian of minors can be found under Title 20, Chapter 51 of the Commonwealth’s statutes.
As a requirement – and undoubtedly why you reading this page – guardians of minors are also required to post a surety bond. The guardian of minors is a type of probate bond.
AmeriPro Surety Bonds will explains what a guardian of minor bond is and how to prepare for one.
Pennsylvania Guardian of Minors Bond: Its Purpose
As a guardian of a minor’s estate, you have an awesome responsibility.
Essentially, while you act in a fiduciary capacity (the guardian of minors bond is a type of fiduciary surety bond) you also have control over the assets of the minor. In some cases, this may be a substantial amount.
The purpose of the guardian of minor bond is therefore, not for your protection, but for the protection of the minor over whom you are guardian.
The bond — written to and for the benefit of the Commonwealth — protects the estate of the minor from any acts of embezzlement, fraud, theft, or willful and wanton mismanagement or misappropriation of the assets of an estate that a guardian may commit against the interests of the estate.
The bond’s existence is a financial guarantee that should something unlawful and untoward occur with respect to the mismanagement of a minor’s estate, that estate can recover losses up to the bond’s face amount.
But the guardian of minors bond is not an insurance policy:
This means that if a claim were paid on the surety, it would be the legal responsibility of the principal (i.e. that is, you, as the guardian) to reimburse the surety for all costs involved in the settlement of that claim.
The bond is solely and exclusively for the benefit of the Commonwealth and the person for whom you have been appointed guardian.
Pennsylvania Guardian of Minors Bond: The Amount Required
The amount of the guardian surety bond required will be determined by the court.
For some of you, you may already be aware of that amount, having been provided the court order.
The amount will likely be at least equal to the sum total of assets over which you, as guardian, will have control.
However, again, the amount required is a decision made by the court.
Pennsylvania Guardian of Minors Bond: Qualifying for the Bond
Qualifying for the guardian of minors bond will involve a detailed application.
You may wish to be prepared to answer the following:
- Annual or monthly income, and the source or sources;
- Whether you have any active, unsatisfied judgments, tax liens, or have filed bankruptcy;
- Cash on hand — in checking and savings accounts, and the banking institutions where these are held;
- Your investments and their current market value. These include stocks, bonds, mutual funds, certificates of deposits, REITs, etc.;
- Any real property owned whether alone by you or with others;
- Your net worth – defined as your assets minus your liabilities.
In addition to the above, a standard credit check will be conducted as part of the underwriting process.
Premium for the Pennsylvania Guardian of Minors Bond
The premium amount of the bond will be determined by the following considerations:
- The amount of your guardian of minors bond;
- Your credit score.
An important point to keep in mind is that the premium for this surety bond is not a onetime payment.
The premium for this bond renews on annual basis for as you are guardian or for as long as the court requires.
Our agency, AmeriPro Surety Bonds, is a surety bonds-only company.
What this means for you is that your bond — not only having it underwritten —- but securing a fair price, is our priority.
Our agency provides contractor, court, and fiduciary bonds throughout the Commonwealth. We also provide surety bonds nationwide.
We welcome the opportunity to work on your behalf and welcome any questions and concerns.
Please call our agency today: 844-589-9732