Illinois Guardianship / Conservator Bond

You have two main options: (1) Corporate surety bond - You purchase a bond from a licensed surety company for 1.5 times the estate value, paying an annual premium (typically 0.5% to 5% of the bond amount based on credit). This is the most common option. (2) Individual sureties - You can use two individual sureties who together own unencumbered assets worth double the estate value, and they must provide notarized lists of their assets. You'll need to file the signed bond with power of attorney at the circuit court clerk's office in the ward's county after your appointment.

Yes, in certain situations. The bond is typically waived for guardians of the person only (those who don't manage any estate assets). It can also be waived if the assets are deposited with an Illinois trust company, if waiver is specified in a will, for certain public entitlements, or at the court's discretion in limited cases. However, for guardians of the estate (conservators managing finances and property), courts have limited discretion to waive or reduce the bond under Section 12-6 of the Illinois Probate Act.

The bond amount is calculated at a minimum of 150% (1.5 times) the value of the personal estate you'll be managing, as required by Section 12-5 of the Illinois Probate Act. For example, if the ward's estate is worth $100,000, the bond amount would be at least $150,000. If the guardianship involves real property that generates income, the court may increase the bond amount to include the estimated annual income from that property. In some limited cases, courts can set the bond below $1,000 if the guardianship primarily involves facilitating real estate sales.