Have you ever wondered what happens to a guardianship bond when a guardian or ward passes away? Here’s an interesting fact: in many jurisdictions, the demise of a guardian or ward doesn’t automatically terminate a guardianship bond. Contrary to common assumptions, these bonds persist even after death, and premiums continue to be due until the…
Attorneys frequently request specific bond amounts based on what they think is the minimum required amount, but often lack the full knowledge of probate bond minimums and requirements. These arbitrary amounts or statements such as “give us the minimum” or “just give us a 40k bond” can lead to inappropriate bond requests, higher costs, and…
Guardianship bonds may not be the most thrilling topic, but they play a critical role in protecting vulnerable individuals who cannot manage their finances and personal affairs. Each state has its own rules about the bond penalty amount, but there may be additional local rulings or regulations that apply. If you’re not sure what the…
Professional Guardians and Attorneys who handle many guardianships have a few challenging concerns. One unfortunate side effect of applying for a guardianship bond is a credit bureau inquiry. Each time a new bond is applied for, most bonding companies perform a credit inquiry. Multiple or excessive credit history inquiries will negatively effect your personal credit….
Ohio Guardian Bonds, as many other states, are typically issued on an annual basis. This means an initial premium is due when the bond is issued. If the guardianship extends beyond one year in length, a renewal premium is due when the guardian bond renews. The premium for the first year of any guardianship bond…
