An executor is not the only party required to give a surety bond to protect beneficiaries and interested parties from potential negligence or mismanagement. Before the court appoints a named guardian of a minor child, it may require them to also get a bond.
Here is what to know about this matter:
Do all guardians need bonds?
If you are named a guardian in Virginia, you need to give your bond to guarantee you will responsibly manage the child’s affairs. Every guardian shall provide surety (a third party that will reimburse the minor if a claim is filed) upon their bond unless the will waives the requirement – with some exceptions. For an estate with no assets or when the estate amount coming into the guardian’s possession on behalf of the minor does not exceed $25,000, the guardian may not be required.
How much is a guardian’s bond?
A guardian’s bond is typically an amount at least equal to the value of the estate coming under their control. The guardian can ask the court to reduce their bond when the value of the estate under their control decreases. Note that this may not apply to bonds set by the court. If one is named the guardian of two or more minors of the same family, they only need to give one guardianship bond.
If you are a guardian of a minor, it’s vital to understand your role and requirements to make informed decisions. Legal guidance can help.