(1) Except as provided in subsections (2) and (3) of this section, no guardian or
conservator shall act until the guardian or conservator has been appointed by the
proper District Court, and given bond to the Commonwealth of Kentucky with good surety,
either corporate or personal, approved by the District Court to faithfully discharge
the trust of guardian or conservator. The bond shall be carefully kept by the clerk of the District Court in a book to
be provided for that purpose.
(2) A limited guardian shall be exempt from the requirements of subsection (1) of
(3) (a) If the person or entity appointed by the District Court as guardian or conservator
is a person or entity nominated pursuant to KRS 387.040, and the will of the parent making the nomination requests no surety on the bond
of the guardian or conservator, no surety shall be required on the bond, unless the
District Court deems it imprudent to dispense with surety because of a change of circumstances
since the will was made or for other good cause.
(b) If the District Court directs that the assets of a ward's estate be deposited
in a restricted account as set out in KRS 387.122, the guardian or conservator shall be exempt from giving surety on his or her bond.
(4) No master or other commissioner whose duty it is to settle the accounts of a
guardian or conservator, nor judge or clerk of a court, or practicing attorney, shall
be accepted as surety on the bond of a guardian or conservator.
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