{"id":1108,"date":"2013-05-13T03:59:41","date_gmt":"2013-05-13T03:59:41","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1108"},"modified":"2017-06-30T00:08:10","modified_gmt":"2017-06-30T00:08:10","slug":"new-jersey-administrator-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/new-jersey-administrator-bond\/","title":{"rendered":"New Jersey Administrator Bond ~ Probate Bonds in NJ"},"content":{"rendered":"<p>In cases where a decedent leaves no will a personal representative will have to provide a <strong>New Jersey administrator bond<\/strong>, also referred to as a <strong>New Jersey personal representative bond<\/strong>. \u00a0The bond is required by the County Surrogate Court or &#8220;Will Clerk&#8221; and serves as a guarantee of certain fiduciary and legal duties. \u00a0Generally an appointed administrator or personal representative will protect a decendent&#8217;s assets, have them professionally appraised if necessary, pay valid debts and distribute the remaining property as the law directs. The <strong>New Jersey administrator bond<\/strong> is requested from the\u00a0surviving spouse or domestic partner of the intestate deceased, if he or she will accept the administration, and if not or if there is no spouse or domestic partner, then from one oft the remaining heirs of the deceased. \u00a0If none of these parties will accept letters of administration, then the court is free to appoint who it chooses. \u00a0The <strong>New Jersey personal representative bond<\/strong> is contemplated under <a title=\"NJ Probate laws\" href=\"http:\/\/law.onecle.com\/new-jersey\/3b-administration-of-estates-decedents-and-others\/\" target=\"_blank\" rel=\"noopener noreferrer\">NJ 3B:15-1<\/a>. The court or surrogate appointing a fiduciary must ensure faithful performance of the adminstrator&#8217;s(ix&#8217;s) duties by requiring the fiduciary to furnish surety bond to the Superior Court in a sum and with proper conditions and surety, having due regard to the value of the estate to be administered and the extent of his authority. Where specific conditions as to a particular surety bond are prescribed by law, the <strong><a title=\"Surety One judicial bond page\" href=\"https:\/\/suretyone.com\/judicial-bonds\" target=\"_blank\" rel=\"noopener noreferrer\">New Jersey probate bond<\/a>\u00a0<\/strong>cannot be approved unless the prescribed conditions are included in the obligation. \u00a0The bond form must include certain elements. \u00a0First, the surety bond guarantees that the administrator will make an accurate inventory of the real and personal property of the decedent which has or shall come to his possession or into the hands of any other person for him, have an appraisal made of the real and personal property, and file the inventory and appraisal in the office of the clerk of the Superior Court or of the surrogate within specific time frames. \u00a0Second, the <strong>New Jersey personal representative bond<\/strong> guarantees that the administrator will faithfully discharge all of the duties imposed upon him according to law, making an accurate account of his administration of the estate. \u00a0The surety bond guarantees that the administrator will deliver and pay to the distributees entitled to the same, the surplus property of the decedent as may remain. \u00a0Finally, the <strong>New Jersey probate bond\u00a0<\/strong>guarantees that the administrator will \u00a0deliver his letters of administration to the proper court, when required so to do. \u00a0An administrator (fiduciary) required by law or order of court to give a surety bond, may include as a part of the lawful expense of executing his duties a bond premium not exceeding one percent (1%) per annum on the amount of the bond and only to a corporate surety authorized under the laws of New Jersey to become surety on commercial bonds. \u00a0If at any time it becomes apparent that the <strong>New Jersey administrator bond<\/strong> given by a fiduciary at the time of his appointment was insufficient or has become insufficient or the surety appears to be insolvent or insufficient for the security of the estate, the court may order the fiduciary to give other or further security to the Superior Court, by bond in the sam form using a different surety company. \u00a0The court will discharge a surety on the bond from liability for all acts and omissions occurring after the granting of the discharge if the administrator files a new <strong><a title=\"Surety One probate bond application\" href=\"https:\/\/suretyone.com\/pdf\/all-bonds\/probate-bond-and-guardianship-bond-application.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">New Jersey personal representative bond<\/a>\u00a0<\/strong>duly approved by the court. \u00a0The surety may also be relieved by moving the court to do so at any time from three months after the entry of a final judgment of distribution made after the allowance of the final accounting. \u00a0 Upon proof to the satisfaction of the court that the entire estate has been distributed according to law, and that no appeal from the judgment of distribution is pending, discharge the surety on its New Jersey probate bond for the principal from any and every liability.<\/p>\n<p><strong>New Jersey surety leader<\/strong>, \u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Surety One, Inc.<\/a>\u00a0is one of the largest fiduciary bond underwriting producers in the United States. \u00a0Our surety solutions provide you the\u00a0<a title=\"Surety One judicial bond page\" href=\"https:\/\/suretyone.com\/judicial-bonds\" target=\"_blank\" rel=\"noopener noreferrer\">New Jersey fiduciary bond<\/a>\u00a0that you need. \u00a0We can offer you probate bond\u00a0terms regardless of credit.\u00a0Visit\u00a0SuretyOne.com, call\u00a0<span style=\"color: #ff0000;\">(800) 373-2804<\/span>, or email\u00a0<span style=\"color: #ff0000;\">Underwriting@SuretyOne.com<\/span>\u00a0for a\u00a0<strong>New Jersey administrator bond<\/strong>\u00a0application or for further information about fiduciary bonds.<\/p>\n<p>#probate #surety #suretybond #suretybonds #NewJersey #SuretyOne<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In cases where a decedent leaves no will a personal representative will have to provide a New Jersey administrator bond, also referred to as a New Jersey personal representative bond. \u00a0The bond is required by the County Surrogate Court or&#8230; 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