Administrators Bond

Docket No______________ OFFICE OF THE SURROGATE ESSEX COUNTY Theodore N. Stephens, II SURROGATE Devero D. McDougal DEPUTY SURROGATE 469 Dr. Martin Luther King, Jr. Blvd. Hall of Records, Room 206 Newark, New Jersey 07102 www.essexsurrogate.com IMPORTANT INFORMATION REGARDING BONDS 1. The Surrogate is the Judge of the Surrogate's Court. In that capacity, the Surrogate has the authority to appoint an administrator of an estate. If you are appointed administrator, you are the fiduciary for the estate and may be required to post a surety bond, pursuant to New Jersey statutes, particularly NJSA 3B: 15-1. The purpose of the bond, which is based on the amount of the assets, is to protect the heirs and creditors of the estate. 2. A bond is not insurance. You are responsible for any losses which cause the surety to make payment on your behalf. The Indemnity Agreement is your promise to repay the surety. The law establishes minimum terms and conditions for indemnity and collection, which must be in each bond. The other terms, such as premium and duration are between you and the bonding company. 3. You are free to purchase the bond from any qualified source. 4. The initial premium is due when the bond application is completed and your appointment as administrator will not be granted until the bond is received in the Surrogate's Court. 5. The bond does not terminate at the end of the first year. Annual premiums are due to the bonding agent each year until the estate is closed (the accounting, Refunding Bond and Release forms, and any tax waiver(s) from the state of New Jersey are all filed in Surrogate's Court). If you do not notify them and provide proof that the estate is closed, you will continue to be billed each year for another premium. 6. The annual bills will come directly from the bonding agent. 7. If the value of the estate is reduced, you can have the bond reduced. Since the premium is determined by the amount of the bond, reducing the bond will result in a savings in most cases. ADMINISTRATOR BOND Page 1 of 4 American LegalNet, Inc. www.FormsWorkFlow.com Docket No.: ______________ State of New Jersey Essex County Surrogate's Court In the matter of the Estate of: ______________________________________________, Deceased AKA: ________________________________________ } ADMINISTRATOR'S BOND KNOW ALL MEN BY THESE PRESENTS, That we, ____________________________________ Administrator/rix of the estate of ____________________________________________________, deceased, (hereinafter referred to as Administrator/rix) as Principal, and _____________________________________, a corporation of the State of _________________________ as Surety, are held and firmly bound unto the Superior Court of New Jersey in the sum of ______________________________________________________ lawful money of the United States, to be paid to the said Superior Court, its successors or assigns, to which payment well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. Sealed with our seals, and dated ________________________________. THE CONDITION OF THIS OBLIGATION IS SUCH (N.J.S.A. 3B:15-5) That if the above bounden Administrator/rix shall perform every one of the duties described in the numbered paragraphs which immediately follow this paragraph, then the above obligation shall be void and of no effect, or else shall remain in full force and virtue. 1. If required by the Court or if an exemption is to be set off as required in N.J.S.A. 3B:16-1, et seq.., to make a true and perfect inventory of the real and personal property of the decedent, which has or shall come into his/her hands, possession or knowledge or into the hands of any other person for him/her, and to cause an appraisal to be made of the real and personal property and to file the inventory and appraisal in the Office of the Clerk of the Superior Court or of the Surrogate of Essex County, as the ease may be, within the time so required; 2. To faithfully discharge all of the duties imposed upon them according to law; 3. To make a just and true account of his/her administration of the estate, and, if required by the Court, to settle their account therein within the time so required; 4. To deliver and pay to the distributees entitled thereto by law the surplus property of the deceased as may remain pursuant to the account; and ADMINISTRATOR BOND Page 2 of 4 American LegalNet, Inc. www.FormsWorkFlow.com Docket No.: _______________ 5. To deliver their Letters of Administration to the proper court when required so to do, if a Will of the deceased is found and exhibited to it and by it admitted to probate. 6. To comply in all respects with the Statutes pertaining thereto. The Principal and surety hereby submit themselves to the jurisdiction of the Superior Court and do hereby irrevocably appoint the Clerk of the Superior Court/ Surrogate of Su 1rrogate_County County as their agent upon whom any papers affecting their liability on this bond may be served. The Principal and Surety waive any right to a jury trial in an action to enforce liability on the bond. Liability on the bond may be enforced by motion in the action, if one is pending, without the necessity of any independent action and the said motion may be served upon the Principal and Surety by mailing it, by ordinary mail, to the Clerk of the Superior Court/ Surrogate Essex County, as named above, who shall forthwith mail copies thereof to The Principal at: ___________________________________________________________________________________________________________ And the Surety at: ___________________________________________________________________________________________________________ Signed, Sealed and Delivered in the Presence of: ___________________________________________ Witness as to Principal Signature __________________________________PRINCIPAL Signature (Seal) __________________________________SURETY The within bond is hereby approved as to form and sufficiency. Dated: ______________________ ___________________________________________ J.S.C. or Surrogate Attorney of Record: _____________________________________ _____________________________________ _____________________________________ _____________________________________ ADMINISTRATOR BOND Page 3 of 4 American LegalNet, Inc. www.FormsWorkFlow.com Docket No.: _______________ ESSEX COUNTY SURROGATE'S COURT IN THE MATTER OF: ________________