Lawyers, HELP!

I can call my lawyer tomorrow, but I’m panicking about this right now and would really like someone to provide me with an answer that would calm me down.

I recently obtained guardianship over my younger sister, and on the Decree that I received in the mail it says “Security is to be entered by the guardian in the amount of $50,000 with approved corporate surety.”

Umm…wtf? Does this mean someone’s going to be sending me a bill for 50,000 dollars? Why would I have to pay 50,000 dollars to take care of my sister? Wouldn’t that money be better served elsewhere? This would destroy me financially, so I’m praying that it’s just some legal jargon that I’m misreading.

Someone please put my fears to rest. Please?

IANAL, but it sounds like they’re requiring you obtain a surety bond, and not actually give them a $50,000 deposit.

Much like taking out an insurance policy on a car, the bondsman will take into consideration what the bond is for, your financial situation (eg: income and other financial commitments) and whatever relevant local laws apply and arrive at some price for that bond.

It means you have to have a surety bond in the amount of $50,000. You need to call your insurance agent who can help you obtain one. It will cost you something, but not anywhere near $50K.

I had to do this for my aunt. As the others have said, you take out insurance or buy a bond.

What others have said. It’s about a bond. Your lawyer will probably have the names of some bonding companies.

I don’t understand this at all.

Under what circumstances can someone be required to post a bond in a situation such as described by the OP? What is the purpose of the bond?

A guardian has charge over a minor and that minor’s finances. The bond pays in the event the guardian steals the kid’s money. Conservators often have to post bonds, too. And in some cases, personal representatives (executors) must also post.

That’s how it is in Ohio. It’s a method of ensuring the guardian’s honest execution of his duties, and compensating any injured party if he steals or embezzles.

Thanks for the explanations!

The bond requirement is by law in my state. Your attorney should have a list of bonding companies that you can contact and if not, the probate clerk should.

I usually work out the bond prior to the hearing with my client so they can go in and qualify right after the hearing. *

Where I am, they are required for conservators, guardians of a minor, and some personal representatives.

Thanks for responding everyone. I talked to my lawyer today, and he assured me that I probably won’t have to pay anymore than 200 dollars a year on the bond.