Indiana Guardian Bond

Yes, the court may waive the bond requirement if it determines a bond is unnecessary to protect the ward's interests, or if the guardian is a qualified bank or trust company. The court may also accept collateral (such as pledged securities or a land mortgage) instead of a surety bond, or reduce the bond amount if sufficient protections are in place.

The bond amount is calculated as: (1) the total value of the ward's estate property, plus (2) one year's estimated income from the estate, minus (3) any property the guardian cannot sell, convey, or encumber without specific court order. The court may reduce this amount if adequate protections are in place (such as restricted bank accounts or court-ordered investment restrictions) or if the guardian is a qualified bank or trust company.

Any interested party with standing can file a claim, including the ward (if capable), heirs, close family members, creditors of the estate, or anyone affected by the guardianship. Claims are filed through a verified petition with the probate court overseeing the guardianship. The court will review evidence of the guardian's breach of fiduciary duty (such as mismanaging assets or self-dealing) and direct the surety to pay valid claims up to the bond amount.