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New York Guardian Bond
In New York, when a person cannot care for themselves or their property, the court will appoint a "guardian" to make decisions on their behalf. The appointed individual, also known as a fiduciary, may be required to obtain a surety bond as outlined in NY Mental Hygiene Law 81.25. The surety bond safeguards the ward’s assets from any financial harm caused by the guardian's actions and is a prerequisite for obtaining a guardianship commission.
Have any questions? Give us a call at (855) 470-0877 and speak to a live New York probate bond expert.
What Size Bond Do You Need?
The court will set the required bond amount once the judge signs the Order and Judgment after your guardianship hearing. The judge will only require a bond if the fiduciary has control over the ward’s property. If you have not filed a petition or had your court hearing yet, you must complete these steps before obtaining a bond, and you can access all the needed forms here.
New York Mental Hygiene Law 81.25e dictates that guardians must furnish a bond in an amount sufficient to safeguard the ward’s property and income. However, the court will have the final say in determining the bond amount in your case. The court may also increase or decrease the bond amount to reflect any change in the estate’s value.
How Much Does the New York Guardian Bond Cost?
Jet charges a base price of $100 per year for the New York Guardian Bond, with the specific cost varying depending on the bond amount. See the chart below to calculate the price for larger bonds. Guardians must pay for the bond with their funds, but they can ask the court for reimbursement from the ward’s estate when filing their annual accounting.
To determine how much a fiduciary bond will cost, guardians can follow the steps listed below:
- Determine the Required Bond Amount
After ruling on the guardian’s petition in a hearing, the judge will sign off on an Order and Judgment setting the required bond amount. The guardian must purchase and file the bond with their Consent to Act and Designation forms before receiving their guardianship commission.
- Calculate the Total Cost
Guardian bonds up to $18,000 in size cost just $100 per year. For each additional $1,000 increase, the bond premium will increase by the corresponding amount outlined in the table below. Apply online in minutes or call one of our probate bond experts at (855) 470-0877 to determine exactly how much your estate bond will cost.
| Bond Amount | Additional Premium (per $1,000) | Bond Cost (1 year) |
|---|---|---|
| $0 - $18,000 | $100 flat rate | $100 |
| $18,001 - $50,000 | $5.00 | $100 - $260 |
| $50,001 - $200,000 | $4.00 | $260 - $860 |
| $200,001 - $500,000 | $2.50 | $860 - $1,160 |
| $500,001 - $1,000,000+ | $1.00 | $1,160 - $2,110 |
We provide discounted tiered pricing that reduces the percentage rate for larger estate bond amounts. Guardians can also save money by purchasing their fiduciary bond for multiple years in advance. Jet determines the price for guardianships over minors based on the number of years until the minor turns 18.
What Are the Different Types of Guardianships in New York?
In New York, all guardianships will be for the ward’s person, property, or both person and property, depending on what kind of care the ward needs. There are three types of guardianships in New York, each with varying powers and responsibilities under the New York Mental Hygiene Laws and the Surrogate’s Court Procedure Act. Below are descriptions of each type of guardianship, along with their corresponding bond requirements:
- Guardian of Personal Needs: A person responsible for making decisions and caring for someone, including duties like managing their medical care and providing housing. Guardians of Personal Needs are typically not required to obtain a bond.
- Guardian of Property: A person appointed to manage the finances of a minor or incapacitated adult, handling their property and bank accounts. Guardians of Property must obtain a bond under New York MHY Law 81.25 and New York SCP 1708.
- Guardian of a Minor Child: A person appointed by the surrogate’s court to manage the personal needs and property of a minor aged 17 or younger. The guardianship is necessary when a parent can't care for the child or if the child inherits any assets, commonly a life insurance payout. Guardians managing a minor’s property are regulated under Article 17 of the Surrogate’s Court Procedures Act and must obtain a bond pursuant to New York SCP 1708.
- Guardian of an Intellectually or Developmentally Disabled Adult: A person appointed by the surrogate’s court to help manage the affairs of an intellectually disabled adult. This is the strictest type of guardianship in New York, governed by Article 17-A of the Surrogate's Court Procedures Act. Guardians of a disabled adult must obtain a bond if they manage that adult’s property.
- Guardian of an Incapacitated Person: A person appointed to oversee the affairs of a person deemed incapacitated by the court, also known as an Article 81 Guardianship. The NY Supreme Court or local county court appoints the guardian to manage the incapacitated person’s personal needs and/or property. If a guardian manages the ward’s property, they must obtain a bond according to New York MHY Law 81.25.
Other Important Terms to Know
- Estate: The total value of all money and other property owned by the ward.
- Fiduciary: A person or organization that acts on behalf of a person or estate and is legally bound to act solely in their best interests. Guardians are a type of fiduciary.
- Guardianship: A legal arrangement where the courts give a person or organization the legal right to make decisions for someone who cannot do so themselves due to age or disability.
- Guardian ad litem: A qualified person appointed by the court to protect the best interests of the respondent during the guardianship proceeding.
- Incapacitated Person: A person who has been judged by a court to be unable to manage their own personal needs or property and will likely suffer harm because of their incapacity.
- Intellectually or Developmentally Disabled Adult: A person over the age of 18 who the court has determined is intellectually or developmentally disabled and has difficulty making decisions for themselves.
- Interested Person: Any person or entity who has an interest in the welfare or finances of a protected person.
- Minor: An unemancipated individual under 18 years of age. If the individual is under the age of 20 years and owns no property, a minor guardianship can still be filed in Family Court.
- Respondent: The minor or adult who is alleged to be disabled and in need of a guardian.
- Surety Bond: A type of insurance that protects the ward if the guardian mismanages their property or does not fulfill their duties as a fiduciary.
- Ward: An incapacitated adult or minor who cannot independently manage themselves or their affairs due to age or disability. A ward is a person who is protected under the guardianship.
Why Is the New York Guardianship Bond Required? Are There Surety Bond Exemptions?
When a guardian is appointed to manage a ward’s property, the surrogate’s court in New York will require a surety bond according to NY Mental Hygiene Law 81.25. The bond safeguards the interests and well-being of the ward’s estate and serves as a form of insurance that guarantees the responsible and ethical behavior of the fiduciary.
By requiring a bond, the court can help mitigate loss from mismanagement or misuse of the ward's property by the fiduciary. When a bond is on file, the courts can better hold the guardian accountable and ensure they act in accordance with the New York Mental Hygiene Laws and the Surrogate’s Court Procedure Act. The bond can also compensate the ward for any losses incurred due to the guardian’s actions.
The court may waive or reduce the surety bond requirement in the following situations:
- The person is appointed with limited powers as guardian of the person only
- The fiduciary deposits a portion of the ward’s assets with the clerk of court or into an FDIC-insured financial institution subject to prior court approval for release
- The guardian is part of a community guardianship program under NY Mental Hygiene Law 81.25d and has an existing consolidated bond on file with the court
How is the Guardian Chosen by the Surrogate’s Court?
When considering who to appoint as guardian, the court attempts to appoint the person who best serves the ward's interests. Any interested party may petition the court to appoint a guardian over another individual. The order of appointment for guardians over adults in New York is as follows:
- The person alleged to be incapacitated
- A person who expects to inherit from the adult’s estate
- An executor or administrator of an estate where the adult is a beneficiary
- A trustee of a trust where the adult may be the grantor or beneficiary
- The person residing with the adult at the time of the petition
- Any person concerned for the welfare of the adult
- The health care facility where the adult is a patient
For minor guardianships, any person interested in the welfare or well-being can file a petition to appoint a guardian. New York SCP 1703 also allows minor children to request a guardian if they are at least 14 years old.
How To Apply for the New York Guardian Bond with Jet
Jet’s application process is simple and fast - our goal is to get the fiduciary bonded as quickly as possible so they can focus on their obligations. All we need is the bond amount and basic information about the estate.
Once completed and submitted, you will receive your purchase price immediately or a Jet underwriter will review the application. Some of the factors Jet considers when underwriting these types of bonds:
- If the applicant has ever committed a felony
- If there is a prior fiduciary or a prior bond in place
- If there are any creditors to the ward’s estate
- Whether or not the ward owns an ongoing business
- Whether or not the bond amount is equal to the ward’s property
- Applicant’s credit history for bond limits over $25,000 if they have not retained an attorney or $50,000 if they have retained an attorney
Applicants for bond limits over $50,000 will need to submit documentation from the court for review, specifically their petition for appointment as fiduciary and the order from the court requiring the probate bond.
How Does the Bond Get Filed with the Surrogate’s Court?
When you purchase the surety bond, you will immediately receive a digital version of your bond with a receipt. Afterward, Jet will complete the bond form, attach our raised seal to the original copy, and mail it to you. You must simply sign and deliver the original copy to the surrogate’s court overseeing your case.
Many county courts in New York accept e-filing for guardianship documents. However, all counties require the guardian to submit the physical copy of their bond, with the raised seal, by mail or in person. Jet has provided a chart at the bottom of the page with a list of all county court locations in the State of New York and any available contact information for their offices.
Can the New York Guardian Bond Be Canceled?
At Jet, we like to make things easy for our customers, and cancellation of your bond is no exception.
To cancel your bond, send us an email at [email protected] or give us a call. When we receive your request, we’ll contact the probate court to request a release. If the court accepts the request, we will cancel your bond and send you a refund for any unearned premium. We will refund any unearned premium charged after the first year of the bond on a prorated basis.
How Long Do You Need the Bond?
In New York, the surrogate’s court requires that the bond remains in effect throughout the fiduciary's appointment period. The guardianship ends when the adult no longer needs a guardian or the minor turns 18.
Any person, including the guardian or the ward, can petition the court to terminate the fiduciary relationship. The court will grant the petition and schedule a hearing if they find no basis for the guardianship to continue. If the judge approves the request after a hearing, the fiduciary will need to submit a final report to the court showing that all assets have been managed correctly. Afterward, the court will release the guardian from liability, and Jet will cancel the bond.
As for renewing your bond, Jet sends a renewal invoice by email and mail before the bond term’s expiration date. As long as you make your renewal payment, the bond will remain active with the surrogate’s court.
How Does a Fiduciary Avoid Surety Bond Claims in New York?
The surrogate’s court expects the guardian to fulfill all duties and obligations outlined in the New York Mental Hygiene Laws and the Surrogate’s Court Procedure Act. Failing to meet these requirements or not adhering to all court orders can result in a bond claim.
Here are some violations that may lead to bond claims on the New York Guardian Bond:
- Committing negligence, embezzlement, or fraud
- Misusing or misappropriation of estate assets
- Buying or selling any part of the estate without court approval
- Acting outside of the powers explicitly vested by the court
- Failing to submit inventory reports or accounting when required
- Using estate funds for personal use without court approval
Any person with proven damages caused by the guardian's actions may file a claim against the bond, including the ward, creditors to the estate, or the ward's legal representation.
What Happens if I Get a New York Guardian Bond Claim?
Upon receiving court notice of a claim on the bond, Jet has 30 days to pay the claim or ask for additional time to review it. Jet works tirelessly to protect fiduciaries against faulty claims. Even if the court has requested a bond payout, we assess all documentation provided by the court and the guardian before paying out the claim. However, as a fiduciary and indemnitor, you will ultimately be required to reimburse Jet for any losses.
Surrogate's Court Locations in New York
Below is a list of all the surrogate courts located in the State of New York, as well as their addresses and contact information.
| County Courthouse | Phone | Mailing Address | |
|---|---|---|---|
| Albany County | (518) 285-8585 | 16 Eagle Street, Room 123 Albany, NY 12207 | [email protected] |
| Allegany County | (585) 449-3464 | 7 Court Street Belmont, NY 14813-1084 | [email protected] |
| Bronx County | (718) 618-2300 | 851 Grand Concourse Bronx, NY 10451 | [email protected] |
| Broome County | (607) 240-5789 | P.O. Box 1766 Binghamton, NY 13902 | [email protected] |
| Cattaraugus County | (716) 379-6636 | 303 Court Street Little Valley, NY 14755 | [email protected] |
| Cayuga County | (315) 237-6210 | 152 Genesee Street Auburn, NY 13021 | |
| Chautauqua County | (716) 753-4337 | Courthouse - PO Box C Mayville, NY 14757 | [email protected] |
| Chemung County | (607) 873-9440 | Post Office Box 588 Elmira, NY 14902-0588 | [email protected] |
| Chenango County | (607) 371-7165 | 13 Eaton Ave. Norwich, NY 13815 | |
| Clinton County | (518) 536-3830 | 137 Margaret Street Plattsburgh, NY 12901 | [email protected] |
| Columbia County | (518) 267-3150 | 401 Union Street Hudson, NY 12534 | |
| Cortland County | (607) 218-3335 | 46 Greenbush Street, Suite #303 Cortland, NY 13045-2725 | [email protected] |
| Delaware County | (607) 376-5405 | 3 Court Street Delhi, NY 13753 | [email protected] |
| Dutchess County | (845) 431-1770 | 10 Market Street Poughkeepsie, NY 12601 | [email protected] |
| Erie County | (716) 845-2560 | 92 Franklin Street - 2nd floor Buffalo, NY 14202 | [email protected] |
| Essex County | (518) 873-3320 | 7559 Court Street - P.O. Box 217 Elizabethtown, NY 12932 | |
| Franklin County | (518) 353-7350 | 355 West Main Street Malone, NY 12953 | |
| Fulton County | (518) 706-3280 | 223 West Main Street Johnstown, NY 12095 | [email protected] |
| Genesee County | (585) 201-5733 | 1 West Main Street Batavia, NY 14020 | [email protected] |
| Greene County | (518) 625-3150 | 320 Main Street Catskill, NY 12414 | |
| Hamilton County | (518) 648-5411 | 102 County View Drive Lake Pleasant, NY 12108 | [email protected] |
| Herkimer County | (315) 619-3400 | 301 N. Washington Street Herkimer, NY 13350 | |
| Jefferson County | (315) 785-3019 | 163 Arsenal Street Watertown, NY 13601 | [email protected] |
| Kings County | (347) 404-9690 | 2 Johnson St. Brooklyn, NY 11201 | |
| Lewis County | (315) 570-2438 | 7660 N. State Street, Second Floor Lowville, NY 13367 | [email protected] |
| Livingston County | (585) 371-3921 | 2 Court Street Geneseo, NY 14454 | |
| Madison County | (315) 231-5321 | 138 North Court Street Wampsville, NY 13163 | [email protected] |
| Monroe County | (585) 371-3310 | 99 Exchange Blvd. Rochester, NY 14614 | [email protected] |
| Montgomery County | (518) 853-8108 | 58 Broadway - P.O. Box 1500 Fonda, NY 12068 | |
| Nassau County | (516) 493-3800 | 262 Old Country Road Mineola, New York 11501 | [email protected] |
| New York County | (646) 386-5003 | 31 Chambers Street New York, NY 10007 | [email protected] |
| Niagara County | (716) 439-7148 | 175 Hawley Street Lockport, NY 14094 | [email protected] |
| Oneida County | (315) 266-4550 | 800 Park Avenue, 8th Floor Utica, NY 13501 | |
| Onondaga County | (315) 671-2100 | 401 Montgomery Street Syracuse, NY 13202 | |
| Ontario County | (585) 412-5331 | 27 North Main Street Canandaigua, NY 14424 | |
| Orange County | (845) 476-3655 | 30 Park Place Goshen, NY 10924 | [email protected] |
| Orleans County | (585) 283-6658 | 1 South Main Street. Suite 3 Albion, NY 14411-1497 | [email protected] |
| Oswego County | (315) 207-7566 | 25 East Oneida Street Oswego, NY 13126 | |
| Otsego County | (607) 322-3150 | 197 Main Street, Suite 21 Cooperstown, NY 13326 | [email protected] |
| Putnam County | (845) 208-7860 | 44 Gleneida Avenue Carmel, NY 10512 | [email protected] |
| Queens County | 88-11 Sutphin Blvd. Jamaica, NY 11435 | [email protected] | |
| Rensselaer County | (518) 285-6100 | 80 Second Street Troy, NY 12180 | [email protected] |
| Richmond County | (718) 675-8508 | 18 Richmond Terrace Staten Island, NY 10301 | [email protected] |
| Rockland County | (845) 483-8260 | 1 South Main Street New City, NY 10956 | [email protected] |
| Saratoga County | (518) 451-8830 | 30 McMaster Street - Building 3 Ballston Spa, NY 12020 | |
| Schenectady County | (518) 285-8455 | 612 State Street Schenectady, NY 12305 | |
| Schoharie County | (518) 453-6986 | P.O. Box 669 Schoharie, NY 12157 | [email protected] |
| Schuyler County | (607) 228-3351 | 105 9th St., Unit 35 Watkins Glen, NY 14891 | |
| Seneca County | (315) 835-6232 | 48 West Williams Street Waterloo, NY 13165 | [email protected] |
| St. Lawrence County | (315) 379-2217 | 48 Court Street Canton, NY 13617 | |
| Steuben County | (607) 622-8221 | 3 East Pulteney Square Bath, NY 14810 | |
| Suffolk County | (631) 852-1745 | 320 Center Drive Riverhead, NY 11901 | [email protected] |
| Sullivan County | (845) 791-3500 | 100 North Street Monticello, NY 12701 | |
| Tioga County | (607) 689-6107 | 21 Court Street Owego, NY 13827 | [email protected] |
| Tompkins County | (607) 216-6655 | 320 North Tioga Street Ithaca, NY 14850 | [email protected] |
| Ulster County | (845) 481-9338 | 240 Fair Street Kingston, N.Y. 12401 | [email protected] |
| Warren County | (518) 480-6360 | 1340 State Route 9 Lake George, NY 12845 | [email protected] |
| Washington County | (518) 285-4389 | 383 Broadway Street Fort Edward, NY 12828 | [email protected] |
| Wayne County | (315) 665-8119 | 54 Broad Street Lyons, NY 14489 | [email protected] |
| Westchester County | (914) 824-5656 | 111 Dr. Martin Luther King Jr. Blvd, 19th floor White Plains, NY 10601 | [email protected] |
| Wyoming County | (585) 228-3200 | 147 North Main Street Warsaw, NY 14569 | [email protected] |
| Yates County | (315) 835-6321 | 415 Liberty Street Penn Yan, NY 14527 | [email protected] |
