If you have been appointed Guardian for a minor or an incompetent person, you must post a surety bond to protect the Ward's estates from fraud or mismanagement and take an Oath of office.
This surety bond acts like an insurance policy, and you will have to pay a premium based on the amount of protection needed (1.25 times the value of personal property or, if the value of the personal property exceeds $100,000, then 1.10 times that amount). Additionally, you will need to file an Inventory of the guardianship assets within three months of receiving your Letters of Guardianship and file yearly accountings with the Clerk's office for audit. These sworn accountings are carefully audited by the Estates Division. You will need to file proof of assets held, income received, and amounts disbursed.
Many Guardianship forms are available through the web site for the Administrative Office of the Courts.
Guardianship is a serious responsibility. Guardians, especially those with financial authority, are advised to read the applicable guardianship statutes or consult with an attorney. Violation of a fiduciary duty may result in removal, loss of commissions, contempt of court, and/or criminal prosecution.