We regularly get requests from bond principal’s and attorneys to ‘cancel out’ a probate bond. Sometimes they’ll even just write ‘cancel’ on the bill. Believe it or not, we’ve even had a few ignore our advices, and the bonding company sent their accounts to collections!
Although it may seem counterintuitive, the death of a ward does not cancel a guardianship bond.
A bond is issued in the name of a Principal. It is not issued in the name of a ward or decedent. Even after the death of a ward, the bond remains active. Annual bond renewal premiums continue to be payable. This is because even though the ward died, claims could still be payable against the bond.
Only the Court can modify or cancel a probate bond
The fact is that even if the estate is completely out of money and there are no assets, if you’re the bond principal, you’re on the hook for the bond premium – and full penalty amount – until the court discharges and releases bond. Once accepted by the court, only the court can further cancel or modify said bond.
How do I cancel a guardianship bond or estate bond
The bonding company needs the court order discharging bond. Many courts issue this discharge as part of the Final Order. To cancel a probate court bond, just return bond discharge to the agent or insurance carrier who issued bond. Bond will be changed or cancelled effective the date of order, even retroactively, and most bond carriers will refund pro-rated amounts due after the first year.
Need to apply for a guardianship bond?
Discover why we write more probate bonds in a week than most agents in a week. Prompt, personal service from agents you know, not a call center.
Apply ONLINE for a Online Probate Court Bond, or Download PDF probate bond application
