Bonds of conservators and guardians

(a) Bond includes reasonable amount for recovery on the bond

Except as otherwise provided by statute, every conservator or guardian of the estate must furnish a bond that includes an amount determined under (b) as a reasonable amount for the cost of recovery to collect on the bond under Probate Code section 2320(c)(4).

(b) Amount of bond for the cost of recovery on the bond

The reasonable amount of bond for the cost of recovery to collect on the bond, including attorney's fees and costs, under Probate Code section 2320(c)(4) is:

(1) Ten percent (10%) of the value up to and including $500,000 of the following:

(A) The value of personal property of the estate;

(B) The value, less encumbrances, of real property of the estate that the guardian or conservator has the independent power to sell without approval or confirmation of the court under Probate Code sections 2590 and 2591(d);

(C) The probable annual income from all assets of the estate; and

(D) The probable annual gross payments described in Probate Code section 2320(c)(3); and

(2) Twelve percent (12%) of the value above $500,000 up to and including $1,000,000 of the property, income, and payments described in (1); and

(3) Two percent (2%) of the value above $1,000,000 of the property, income, and payments described in (1).