Payment

[grasshopper]

For the last six years I have been paying for this Estate Bond, will this ever end? What happens if I don't pay the premium?

[lifeisgood]

If its a bond that is required to be in place and you do not pay the premium - the bond will be cancelled like any other bond. As far as the length of the bond term - check with the obligee for clarification.

[Bond Magician]

If its a bond that is required to be in place and you do not pay the premium - the bond will be cancelled like any other bond. As far as the length of the bond term - check with the obligee for clarification.

Will I get my money back?

[beckerfirm]

Usually, there is a Court Order in place requiring the bond for as long as the guardian/administrator is actively involved in that Court-appointed position. In New York State, if your duties are concluded, the guardian/administrator typically submits final accountings (if he/she/they are a guardian of assets) and makes an application to the Court for both themselves and their surety to be discharged of any obligations relating to the faithful performance of their obligation under the subject bond. The Court or a Court Examiner then reviews the accountings, sometimes a hearing is held if there are questions, and if everything appears okay to the Court, the guardian/surety are discharged and released. If the bond premium was recently paid, there should be a pro rata return of premium, less an administrative fee.

If you stop paying the bond but are still in the active role as a guardian/administrator, it is likely that you may be in violation of the Court's Order. You should have an attorney review your specific circumstances before you take further action.

I hope this helps you.

larry Becker