Why is bond necessary? What happens if a potential guardian is unable to obtain a bond?
Bond protects the assets of the minor. A guardian of a minor must be bonded in the amount of the assets that the guardian will be holding plus one years worth of income from those assets. If the guardian misappropriates the assets, the bonding company will reimburse the estate of the minor in the amount that was mishandled up to the value of the bond. The Court is not likely to appoint anyone who cannot obtain bond as a guardian.
