Becoming a guardian, conservator, or trustee is a huge responsibility. You must manage another person's affairs and may need to ensure that person is well cared for. To ensure that the interests of the obligee are protected, you will need to secure an Oregon Court Bond.
What is an Oregon Court Bond?
An Oregon Court Bond for a guardian, conservator, or trustee is a type of surety bond. A surety bond is an agreement between the principal, the surety company, and the obligee. As the person who is seeking the bond, you are called the principal. You are responsible for acquiring the bond, which ensures that you will take your responsibilities seriously and conduct yourself in a manner that is as error-free and honest as possible.
If you fail to conduct yourself in this way and those who are in your trust suffer financial or other harm, the surety bond is there to protect them. Those you serve in this role are the obligees. If an obligee makes a claim against you, the surety bond company can assist the obligee. However, you must ultimately pay for that claim.
Who Needs an Oregon Court Bond?
At many times in our lives, we may find ourselves in an expected or unexpected position of trust, managing the affairs of another person. This may occur if you become the guardian or a minor, or you may need to manage the affairs of an elderly or disabled person who cannot do so on her own. You may be responsible for providing the essentials of life to this person, such as food, clothing, shelter, and other care.
You may also need to manage the financial affairs or property of this individual. If you are in a position of responsibility as a guardian, conservator, or trustee, you need to file an Oregon Court Bond. When you hold this bond, it reassures all involved that you are a responsible individual and that the obligee is protected in case you fail in your responsibilities.
How to get an Oregon Court Bond
To get an Oregon Court Bond, you'll need to provide information about your personal and financial history to the surety company underwriter. The underwriter will use information such as your credit history to assess whether you are eligible for a surety bond. The bond company will use your information to determine the percentage rate that you will pay for your surety bond. Bond rates generally vary from 1 to 15 percent of the posted bond amount. The posted bond amount will vary depending on the amount ordered by the court.
If you're in a position of trust as a guardian, conservator, or trustee, you need a surety bond. Contact Surety Solutions. Get a bond quickly and easily with our simple OneClick application process.