When do I need a Bond for the Estate?

A bond for an estate is usually set when there is an administration. However if a Will does not state that the Executor can act without a bond, one may be set on a probate. There may be other circumstances that would require a bond. Administration with the Will Annexed or Property held for a minor.

The amount of the bond is set by the circumstances of the estate, the value, number of beneficiaries’ etc. It is set by the Surrogate to protect the assets of the estate.

We do have companies (6-7) to refer you to, however that is a courtesy and by no means constitutes an endorsement. Bonding companies will look at your credit rating to determine if you are eligible to get a bond. The prices vary according to the amount that is set by the Surrogate. It is best to get price quotes from two or three companies, because bonds can cost several hundreds of dollars.

If you are coming to Union County to administer the estate, we will provide the bond form for you to take to the bonding company. It is important that you fill out an information sheet

with the asset page (if this is an administration) and present it to the probate clerk as documentation on the assets of the estate. You will be allowed to obtain one certificate for every asset you provide. Certificates are use to claim the assets of the estates from banks, holding companies etc.

You may download the information sheet and asset page from our web site if you so choose.  In order to save time, you may fax or e-mail the information to the office and we will attempt to prepare the necessary paperwork ahead of time (24-48 hour notice is preferable). When you arrive at our office inform the receptionist that you have sent in the papers ahead of time, it should save you time in the long run.