Guardianship Bond

[h2o]

What is the purpose of a guardianship bond?

[Surety Queen]

Originally Posted by h2o

What is the purpose of a guardianship bond?

Also known as a custodian bond, a guardianship bond guarantees the legal guardian's performance in administrating a disabled individual or minor's finances. It is often required by the Court to protect the disabled individuals assets.

[h2o]

How do the courts determine the bond amount required?

[Surety Queen]

Originally Posted by h2o

How do the courts determine the bond amount required?

Not a clue - but I suspect it has something to do with the size of the estate.

[h2o]

Once the bond is no longer needed, what is the process in canceling this type of bond?

[Surety Queen]

Originally Posted by h2o

Once the bond is no longer needed, what is the process in canceling this type of bond?

When the bond is formally released by the Court, you would provide us with that documentation. At that time, the bond can be cancelled.

[h2o]

Originally Posted by Surety Queen

When the bond is formally released by the Court, you would provide us with that documentation. At that time, the bond can be cancelled.

If the bond is released mid-term, would I get a premium refunded?

[Surety Queen]

Originally Posted by h2o

If the bond is released mid-term, would I get a premium refunded?

Possibly - it really depends on the Surety and how far into the term of the bond cancellation occurs. If it's during the first year of the bond, it is highly unlikely that there will be any return of premium. Maybe for subsequent years.