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When an adult residing in Georgia is incapacitated to the point of being unable to manage their own finances, the probate court can appoint someone to serve as conservator and manage their assets for them. The purpose of a Georgia conservator bond is to ensure that a conservator performs all fiduciary responsibilities with the best interests of the adult �conservatee� at the forefront in making decisions.
The bond is the conservator�s guarantee to manage the conservatee�s income and assets in compliance with all applicable Georgia statutes and regulations. This includes:
Any unlawful or unethical act that results in financial harm to the conservatee can result in a claim against a Georgia conservator bond.
Anyone appointed as conservator of an adult is required by the probate court to purchase a Georgia conservator bond. The required bond amount will be set by the court based primarily on the value of the conservatee�s assets. The bond must remain in force for the duration of the conservatorship.
The surety bond agreement for a Georgia conservator bond is a legally binding contract between three parties known as the obligee, the principal, and the surety:
Any unlawful or unethical actions by the principal that cause financial harm to the conservatee can result in the obligee filing a claim against the bond for the benefit of the conservatee. One common transgression by conservators is investing the conservatee�s liquid funds in vehicles, such as speculative stocks, that are too risky given the conservatee�s age and life situation. Another is not keeping the conservatee�s assets segregated from those of the conservator.
The terms of the surety bond agreement obligate the principal to pay all valid claims against the Georgia conservator bond. It�s the norm, however, for the surety to pay a claim on behalf of the principal and then be reimbursed by the principal. The surety is indemnified against all liability for claims and simply advances sufficient credit to the principal to cover the claim, thus creating a debt that the principal must repay to the surety.
The premium cost for a Georgia conservator bond is a small percentage of the required bond amount. What that percentage will be for a given principal is determined by the surety�s underwriters and is based in large part on the principal�s personal credit score and financial strength.
The surety perceives a high credit score as evidence of the principal�s willingness and ability to repay the surety for claims paid on the principal�s behalf, and rewards it with a low interest rate, usually between 1% and 3%.
Request a convenient online quote today, or call to speak with one of our experienced professionals about the Georgia conservator bond you�ll need to serve as a conservator for an incapacitated adult residing in Georgia.
