The order contains findings of fact and specifies powers and duties granted to the guardian and any limitations of those powers, the name of the person appointed guardian, the name of the ward, whether the guardianship is of the person or the estate or both, the amount of the bond, whether an appraisal is necessary, and gives directions to the guardian regarding the appraisal of the ward's assets. The bond is an insurance policy which protects the assets of the ward should the guardian's action create financial loss to the estate. The penal amount, or dollar amount, is set by the judge in the amount that is equal to the value of the ward's personal property plus one year's income. When the bond has been approved by the court and the guardian files the oath, the guardian is considered qualified, and Letters of Guardianship are issued by the county clerk. Letters of Guardianship are evidence of the authority of the guardian to act on behalf of the ward.
Letters expire sixteen months after the date of issue.
The guardian may renew Letters of Guardianship of the person after he or she files an annual report of the person and the court approves that report. The guardian of the estate may renew letters after the court receives and approves the guardian's annual accounting. The court may also require that the next year's bond premium be paid in advance.