User blog comment:Tachikaze Master/So I noticed something.../@comment-24965906-20150407133947/@comment-1755882-20150407181418

Yes, it does, but only for the duration of Ragnarok's effect. As soon as it finishes resolving, Soulguard comes back. So, if something like Wrath Trigger protects something like Adil Diablos, the soul will remain where it is and Soulguard will come back after Ragnarok resolves.

You will run into spell negates in the competitive scene. Its near impossible not to, as 6 of the 10 Flags in the game have them.