MUPC Article V procedural outline - O. Bonds 5-208, 5-307, 5-410, 5-411

The contents of this outline are intended to provide general guidance to Court staff in the handling of guardianship of incapacitated persons and conservatorship cases. This outline does not cover guardianship of minors matters.

1. A Bond shall be filed at the time of the Petition and/or the Motion for Temporary Guardianship.
2. General Rule – Under the statute, sureties are required unless waived by the Court. There is a checkbox on the Petition for Guardianship to seek to waive the sureties and it is anticipated that the Court will generally grant this request unless circumstances of the case dictate otherwise.
   1. Bond must contain
      1. Estimated value of real estate
      2. Estimated value of personal estate
   2. Personal sureties
      1. amount must be 1.5 times total personal estate with a minimum of $200.
      2. By motion amount may be reduced by placing a restriction on liquid accounts limiting access to funds. Additional bond may be required when access to restricted asset is requested.
   3. Corporate sureties
      1. amount must be 1 times total personal estate with a minimum of $200.
      2. By motion amount may be reduced by placing a restriction on liquid accounts limiting access to funds. Additional bond may be required when access to restricted asset is requested.
   4. Exceptions
      1. Bond without sureties
         1. Conservator automatically waived if conservator has priority for appointment, if sureties are waived in DPA.
         2. Conservator – Court may waive for good cause if waiver is requested in the petition.
         3. Guardian of minor, incapacitated person – Court may waive if it is in the best interest of the minor/incapacitated person, if waiver is requested in the petition, or a motion to waive is presented.
         4. Restricted account – An account opened in a federally insured financial institution:
            1. Having the sample title “____ (Name of Fiduciary) as Conservator for ____ (Name of Protected Person)”;
            2. Conservator may make internal transfers to take advantage of changes in interest rates; and
            3. The financial institution shall permit no withdrawals except by certified order of the court.

3. Letters of Guardianship or Conservatorship

   If the Bond is insufficient, the Order and Decree shall indicate that additional sureties are necessary and that no Letters shall issue until a Bond with the additional sureties is filed and approved by the Court or a judicial designee. Alternatively, the Court may issue Orders placing a restriction on liquid accounts limiting access to funds. Additional bond may be required when access to a restricted asset is requested.