Area of Law: Insurance Law
Answer # 2793
Guardianships BondsRegion: Ontario Answer # 2793
What is a Guardianship Bond?
A Guardianship Bond is a type of fiduciary bond that is required by the Office of the Public Guardian and Trustee or the Court when it has appointed someone to act on behalf of another individual (the “guardian”). It ensures that the individual assigned to serve as a guardian will perform his or her obligations as required by law and guarantees they will do what is right in the financial interest of the other person.
When is a Guardianship Bond required?
A Guardianship Bond is usually required when a person is no longer physically or mentally able to take care of matters on their own and needs help to take care of their financial obligations.
This could include:
- elderly persons, and
- disabled persons.
The bond legally protects the individual needing assistance from possible neglect or theft by the person appointed to help them with their finances.
For more information on guardianship issues, refer to Wills and Estates.
For more information about Guardianship Bonds, or to purchase a bond, contact Ai Surety Bonding.
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