Platinum Bonds Insurance Agency
Research before you apply.If you're appointed by an Illinois court to manage someone's finances or property as their guardian or conservator, you'll need this bond. It protects the ward's assets by ensuring you handle their money and property responsibly. The bond amount is typically 1.5 times the value of the estate you'll be managing.
If you're appointed by an Illinois court to manage someone's finances or property as their guardian or conservator, you'll need this bond. It protects the ward's assets by ensuring you handle their money and property responsibly. The bond amount is typically 1.5 times the value of the estate you'll be managing.
Court-appointed guardians or conservators who manage the estate (finances and property) of minors or incapacitated adults in Illinois. This bond is required when a guardian has control over the ward's personal property or real estate income.
Guardianship bonds protect the interests of minors or incapacitated persons under court-appointed guardianship. Pricing Information:. Court bonds are reviewed case-by-case and must be approved before pricing can be provided. • Bond amount: Set by the court based on the ward's assets. • What affects pricing: Asset value, type of guardianship, credit and financial strength. • Collateral: May be required depending on asset value. • Ongoing requirement: Many guardianship bond…
Probate/fiduciary application — typically 3–5 business days
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.
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.
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.
Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.