The deputy usually has to arrange a security bond with an insurer before the Court will release the order appointing him/her as a deputy. This security bond is a type of insurance policy designed to financially protect the person who has lost mental capacity in the unlikely event that the deputy mismanages their finances.
Guidance on arranging a security bond is usually sent out once the Court has made the deputyship order. You may pay the bond from money you hold for the person or pay it from your own money and be reimbursed when you have access to the person’s bank account. It is important to note that you will have to pay a yearly fee or premium for the bond again from the person’s money. This obligation will continue for as long as a deputyship is in place.
If you would like to discuss any of this further please do not hesitate to contact us.