To answer that question, you need to understand how this particular kind of surety bond works, why the courts require one, and how it affects the parties involved. This piece explores the ins and outs.
What is a Conservatorship Bond?
A conservator is a person appointed by the courts to make decisions on behalf of another because they are a minor, elderly, or someone mentally or physically disabled. Essentially, a conservator manages the finances and financial interests of people who couldn’t manage on their own. The relationship between the conservator and the ward is a sensitive one that requires a high-degree of trust and a conservatorship bond to ensure the wards assets are protected.
In the event that a conservator violates his or her legal and ethical obligations to a ward – by stealing or mismanaging their money, for example – this probate bond allows the ward to file a claim seeking damages.
What does a Conservatorship Bond do?
By holding conservators accountable and guaranteeing that justice is served, conservatorship bonds discourage unethical and illegal behaviors directed at the most vulnerable members of society. A conservator is much less likely to break the rules if they know they will have to pay back the full amount of damages – and likely more. In that way, the purpose of a conservatorship bond is to preserve the integrity of the conservator’s role.
Why Get a Conservatorship Bond?
Courts will not allow someone to serve as a conservator without the backing of a surety bond – for all the reasons outlined above. The courts take this requirement very seriously. Therefore, it’s important to seek out a conservatorship bond as soon as the courts require it. Viking Bond Service can help speed that process up using the abundant resources available to our nationwide surety brokerage.
Who Needs a Conservatorship Bond?
In general, anyone who intends to serve as a conservator in any US state must obtain the appropriate surety bond first. Bonds only provide protection while in effect, meaning that a conservator who mismanaged money and lacks a bond can’t (easily) be held accountable for their behavior. Plan to get a conservatorship bond before taking up the responsibilities of the role. And, as we emphasized before, don’t wait to pursue a surety bond.
How to Acquire a Conservatorship Bond?
You will need to go through a simple application process. That starts by filling out a standard bond application, which will ask for details about your background and financial standing. You will also need to submit a copy of the court order outlining the specific bond requirements, and turn over any additional documentation the surety company requests. You will receive a quote for the bond cost (called the premium) based on the information you provide, and once it’s paid, the bond is active.
How Much Does it Cost to Acquire a Conservatorship Bond?
The cost depends on the amount of the bond, meaning the amount the surety company is willing to pay out to settle claims. The courts decide the amount of the surety bond based on the financial resources of the ward. Since a conservator could conceivably lose everything someone has, the surety bond must be large enough to help them recover the full amount. The cost of that surety bond is a small percentage of the total. The applicant’s credit determines the exact amount. Applicants with a good credit score and clean financial history will pay less, but those with bad credit can possibly be approved for a bond with specific terms and conditions from the Surety. Rely on Viking Bond Service for help finding a bond regardless of your credit.
Viking Bond Service – A Partner To Conservators in All 50 States
The conservator may have to pay for the surety bond, but they benefit from the arrangement as well. Since surety bonds build trust, they make it easier for judges and wards to give up control of something as sensitive as someone’s finances. Ultimately, surety bonds benefit everyone involved – and as long as the conservator does everything necessary to avoid claims, they’re relatively inexpensive. For help throughout the bonding process for this or any other type of surety bond, rely on the full-service team at Viking Bond Service. You can get a bond quote in under 48 hours by completing this online application. You can also get more information by completing the form on this page or by calling us at 1-888-278-7389.