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Guardianship Bond

Patient Trust Funds Held by a Home for the Aged

This bond is required for facilities that operate homes for elderly residents in Michigan and handle money on behalf of those residents. When a nursing home or assisted living facility manages personal funds for their elderly patients - such as Social Security checks or savings - they must have this bond to protect th…

Overview

What it is.

This bond is required for facilities that operate homes for elderly residents in Michigan and handle money on behalf of those residents. When a nursing home or assisted living facility manages personal funds for their elderly patients - such as Social Security checks or savings - they must have this bond to protect th…

Who usually needs it

Nursing home facility operators, owners, and staff in Michigan who manage patient trust funds must obtain this bond as a condition of their nursing home license. This applies specifically to facilities that provide organized nursing care and medical treatment to 7 or more unrelated individuals suffering from illness, injury, or infirmity, including county m…

Pricing & timing

What to expect.

Generic pricing

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…

Typical timeframe

Probate/fiduciary application — typically 3–5 business days

Application

What to do next.

  1. Tell us the bond name, state, and amount on your form.
  2. Share business and applicant info so the team can quote it.
  3. Sign and pay; we issue the bond and send you the documents.
  4. Keep your effective date and renewal date on file with us.
Start the application.

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Details

Bond details.

StateMI
Bond amountVaries by license type or project
ObligeeMichigan Department of Community Health
Bond classGuardianship Bond
CategoryOther
BondPatient Trust Funds Held by a Home for the Aged
Plain descriptionThis bond is required for facilities that operate homes for elderly residents in Michigan and handle money on behalf of those residents. When a nursing home or assisted living facility manages personal funds for their e…
Who needs this bondNursing home facility operators, owners, and staff in Michigan who manage patient trust funds must obtain this bond as a condition of their nursing home license. This applies specifically to facilities that provide orga…
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Next step

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