A Richmond guardianship bond requirement is nothing to ignore. The state of Virginia requires more than just the desire to do good will in order to become a guardian. Part of the onboarding and review process involves a review of the guardians surety bond.
It’s easy to imagine the vulnerable position people are placed in when they are deemed in need of a guardian. When a 3rd party is responsible for their well-being and financial standing, the state of Virginia wants to do all it can to protect the vulnerable.
A Richmond guardianship bond is required because it offers financial protection to those under a guardian’s care. The surety bond is used as a security blanket should the guardian misuse funds or otherwise harm the person under their care.
Regardless of the reason, a Richmond guardianship requirement cannot be ignored. Failing to comply with state surety bond statute can result in a person being denied the ability to serve as guardian.
Requiring a Richmond guardianship bond isn’t the only surety bond mandated by the state. There are court bonds used by plaintiffs and defendants seeking injunctions, garnished wages, or staying a judgment. Then there are license and permit bonds used to register businesses and protect consumers.
Finally, there are probate and fiduciary bonds which a Richmond guardianship bond would fall under. Common types of Virginia probate and fiduciary bonds include trustee bonds, administrator bonds, and receiver bonds.
A trustee bond is used when a trust is involved. An administrator bond, also known as a personal representative or executor bond, is employed when overseeing the will of a deceased person. Receiver bonds are used with companies file for bankruptcy. The receiver bond, or assignee bond as it’s often referred, handles any payments made to a bankrupt company.
To manage Richmond guardianship bond cost it is always best to work with a reputable surety bond company. Jurisco is a nationwide surety bond provider that is able to offer local expertise on Richmond guardianship bonds and other surety bonds. Bond professionals use their experience to offer the lowest surety bond rate possible.
If you want to save money on a Richmond guardianship bond and not sacrifice quality then work with Jurisco. The Virginia surety bond experts are available to make sure you have the best surety bond experience you’ve ever had.