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What is a Florida Guardianship Bond?

A Florida Guardianship Bond is critical in those situations when a court-appointed individual Guardian does not perform and fulfill their obligations to act responsibly and make the appropriate decisions regarding both the personal and property rights of the Ward.

Florida Courts require that all Guardians in the state of Florida carry a bond to protect the Ward (the incapacitated person) and their estate from any wrongdoing by the Florida Guardian.  Florida Guardianship Bonds are very similar to insurance.  However, instead of protecting the Florida Guardian, bonds are designated to protect the person and the assets for whom the Guardian is responsible for, the Ward.

In the event the Florida Guardian fails to perform their fiduciary duty honestly and ethically, a claim may be made against the Florida Guardianship Bond. For example, if a Florida Guardian utilizes the Ward’s checking account to pay the Guardian’s personal bills, or diverts money from the Guardianship to the Guardian’s own personal account, a claim can be made against the bond to recoup or replace the loss for the Ward.  In the event the surety company (bonding agency) is forced to make a payout on a bond claim, the Guardian is responsible for repaying the surety company for any monies that they payout. You should consult an experienced and knowledgeable Florida Guardianship Attorney to assist and advise you regarding these issues.

The amount of the bond varies depending upon the value of the Florida Guardianship Estate. Typically, in Florida Guardianship cases, wherein the Guardian is not a professional Florida Guardian, the bond will be in an amount equal to the value of unrestricted assets of the Florida Guardianship Estate. There may be some exceptions to the Florida Guardianship Bond requirement.  A Guardian also may request the Court waive the bond. Depending on the value of the Florida Guardianship Estate, the Court may grant the waiver.

Florida Statute 744.2003, requires a Florida professional Guardian to post a blanket fiduciary bond with the Clerk of Court within the county in which the Guardian’s primary place of business is located.  The Florida professional Guardian is also required to provide proof of the fiduciary bond to the clerks of each additional circuit court in which he or she is serving as a professional Guardian. The Florida professional Guardian currently is required to maintain a bond in the amount of at least $50,000. The bond must cover all Wards that the Guardian has been appointed to represent.

Another option instead of utilizing a Guardianship Bond, is for the Guardian to seek Court authorization to place some or all of the Guardianship funds in a Florida approved Restricted Depository. Such restricted accounts do not permit withdrawals without a Court Order.

For assistance regarding this issue or other Guardianship, and Estate Administration matters please contact Ann Marie Giordano Gilden, Esquire of Ann Marie Giordano Gilden, P.A. at (407) 732-7620, and visit my website at www.AnnMarieGildenLaw.com.

This information is provided only as educational materials, and does not constitute the providing of legal advice, and does not create any attorney client relationship.