When a bond is issued for probate, is it a one-time fee, or is it an annual premium? Can you get a partial refund if estate is closed?

Darrell Cartwright asked this on January 07, 2019 in Surety Bonds

When a bond is issued for an intestate estate, I know it depends on the amount of the estate. But is it an annual premium due every year if the estate stays open longer than a year?

If it is an annual, recurring premium, if the estate is closed during the year, would we get a refund of the unexpired part of the year?

Jon answered this on January 07, 2019

Darrell,

The first-term premium is fully earned, meaning it cannot be refunded. Renewal premium will be due annually until the court releases the principal from his or her obligation. If the court determines the bond is no longer needed during a renewal term, a prorated refund may be issued so long as the principal can provide closure documentation.