When is a Guardianship Bond needed?
A Guardianship Bond comes from the same framework as an Estate Administration Bond; however, it is needed where the matter deals with children or those with mental incapacity. In these instances, there is no executor but instead a Guardianship is awarded to manage the estate by the Office of the Public Guardian or Trustee.
How is the bond amount decided in Ontario?
In Onterio, the Supreme Court of Ontario will make the decision if a bond is required for the size of the assets within the estate or as otherwise stipulated. For example, if a Trust is expected to release $100,000 annually to cover the subject’s living expenses, the bond will be required for that amount.
What does the Guardianship Bond application involve?
Just like with Estate Administration Bonds, the Gurdian is required to prove their net worth and complete an application form to secure the bond, although the application form requires more details and a management plan. Guardianships are then approved following presentation of the bond to the Office of the Public Guardian.
Need help securing a Guardianship Bond?
For further information or if you have any questions about Guardianship Bonds, please contact our experienced team at inquiries@www.estatesure.ca.
