Once probate or guardianship bonds are issued, in most states, only the Court can change the penalty amount. When requesting to increase a guardians bond, be prepared to provide the following information:
- Court Order indicating the specific amount decrease, increase or total guardianship penalty amount;
- Current Accounting or Schedule of Assets resulting in the change of required bond.
Potential issues with increasing probate or guardianship bond penalty
Occasionally we have applicants who might have qualified for a lower bond penalty, but may not be qualified for a higher bond amount. When this happens, sometimes the court can be requested to modify the bond amount, or a different or additional bond principal could be added.
Potential issues with cancelling a probate or guardians bond
In most states, Only the Court can cancel, or discharge, a guardianship bond. Once issued the applicant is responsible for all bond premium and losses in full. Although it might sound counterintuitive, the death of a ward does not automatically terminate or cancel a bond. This is because although the guardianship may cease, the court case and bond liability remains outstanding until the court discharges the bond.