New Jersey Probate Bond |
AmeriPro Surety Bonds | 844-589-9732
Probate – New Jersey
Update: AmeriPro Surety Bonds now offers the New Jersey probate bond — up to $100,000 — with no credit inquiry. The bond is issued immediately upon completion of an application and payment of the premium. There is no standard underwriting and credit inquiry check involved. Please call our agency now at 844-589-9732.
Probate is the process of, in short, proving a will. In New Jersey, as elsewhere in the country, a surety bond is sometimes required of executors.
When required, obtaining the bond is a condition of being the executor of an estate.
Probate in Some New Jersey Counties:
Certain New Jersey counties specifically address probate surety bonds. These include:
Purpose of a New Jersey Probate Bond
As the executor or trustee of an estate, you shoulder a big responsibility. While managing the assets of the estate, administering current and future earnings of the estate, overseeing the estate, and other matters too numerous to mention, you also have access to property, money, and other goods of the estate. Some items of the estate are quite valuable; others are invaluable.
The purpose of the probate bond is this: It serves as a financial guarantee that you will only act in accordance with administering the estate in agreement with all laws.
The surety bond, while typically required of you as a condition to be the estate’s administrator, is to protect any heirs of the estate.
The surety bond guarantees that once the estate is finally settled, any heirs will receive the inheritance to that which they are entitled.
Amount of a New Jersey Probate Bond
The amount of the probate bond that you will be required to obtain will be set by the judge who oversees the probate matter.
The judge will take into account the value of the estate, and other factors.
Qualifying for a Probate Surety Bond
Obtaining a New Jersey probate surety bond involves a detailed application.
As an applicant, please expect to provide information regarding the following:
- Your net worth (defined as assets minus liabilities);
- Your income and the source(s) of the same;
- Whether or not you have any tax liens or outstanding judgments;
- Real and physical property owned, the value and the location of the same;
- Whether you are in active bankruptcy (as a note, we will not be able to qualify you if you are in a current undischarged bankruptcy);
- Debt obligations;
- Investments —their nature, value, and location;
- Amount on hand in your bank accounts, and the location of such assets;
- Other questions as they relate to underwriting your bond.
Not to be forgotten, and indispensable, in fact, there will also be a credit check involved.
The Premium for a Probate Surety Bond
The premium for the bond will be determined by the above criteria and is typically several percentage points of the bond’s amount.
As an important note, the premium is not a onetime payment. The premium will renew each year until the estate is settled or the bond is exonerated (no longer active).
Turnaround Times for The Probate Surety Bond
It will typically take a few hours or a day to get your probate bond. Once issued, you will need to file it in the New Jersey court.
As part of the application process — whether or not you choose our surety bonding agency — expect to be constantly asked for “additional information”, sometimes including documentation (i.e. bank statements, property records, stock and bond statements, etc ).
It may be annoying, yes, but it is part of the underwriting process.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout New Jersey.
We also provide surety bonds nationwide.
Please contact our agency today at:
Or, you may fill out our form below for an agent to contact you…