• Home
  • Get A Quote
  • Customer Service
  • Refer a Friend
  • About Us
  • Location Map
  • Employee Directory
  • Privacy Policy
  • Contact Us
CALL US TODAY | (973) 835-8444 
Home

2025 Hamburg Turnpike, Suite J

Wayne, NJ 07474

GET A FREE BOND QUOTE

  • Home
  • Get a Free Quote
  • Contact Us
  • Payments
  • Resources
    • NJ Surrogate Courts Addresses
    • Probate Bond Glossary
  • Frequently Asked Questions
  • About Us
    • About Us
    • Mailing Address
    • Testimonials
    • Privacy Policy
ADMINISTRATION BOND    Click Here For Application
EXECUTOR BOND             Click Here  For Application
RECEIVER BOND              Click Here  For Application
TRUSTEE BOND               Click Here  For Application
GUARDIANSHIP OF INCOMPETENT BOND Click Here For Application
GUARDIANSHIP OF MINOR BOND   Click Here For Application
Home > Frequently Asked Questions

Frequently Asked Questions


Below are some of our frequently asked questions.  If you have any other questions or concerns, please feel free to
contact us via the web, by phone or come to our office and visit.





                                                          



Question # 1. I do not understand why I  am required to obtain  Administration Bond for my father whom
                          recently passed away?

Answer:           Your father passed away without a WILL...  a WILL  is a document that your father executes when he is alive which spells out whom will
                        handle his  affairs & assets and how he wants them  distributed after he is gone. The person appointed by the WILL is known as the
                        Executor and / or Executrix and typically is not required to be bonded.

                        Since your father passed away without a WILL and did not appoint anyone to handle his estate... the state is required to protect your
                         father's assets from whoever is appointed to handle  aka Administrator.  S
o in the event assets are not handled properly by the
                         Administrator the bond will protect the heirs  and the bonding carrier will recover the money from the Administrator . 

                         Bonding is not insurance but a financial guarantee sold by a insurance company.




Question # 2  Is the bond premium a  1x payment ?

Answer:            No the bond has no expiration date... the bond premium has to be paid annually until the estate if officially finalized . The bond needs to
                          continuously protect the estate until all the assets are distributed . To officially settle the estate the bonding carrier requires  forms 
                          known as release and refunding fully executed  and recorded by the surrogate court  and or final accounting approved by the
                          surrogate court releasing the estate. The bond is only closed after the insurance carrier gives their approval.




Question# 3   How long does it take to obtain bond ?

Answer:              In a perfect situation  once we get the complete application during business hours we can get approval in minutes.




Question# 4  Can any person always be bonded ?

Answer:              Not always...each bond may have different circumstance depending on the size of the bond (Dollar Amount) needed as required
                           by the surrogate court. The bond is unsecured meaning the bonding company does not retain any collateral from the 
                           Administrator and relies solely on the application and credit check.  For example if the administrator is required to provide
                           a $ 500,000 bond however they have poor credit and  only have $5,000 in assets the bonding company would not approve a bond
                           by themselves and may require someone else to indemnify them.




Question# 5  Do I need attorney ?



Answer:                The bonding carriers would like you to have one to handle the settling of the estate which may be very complicated. However
                             depending on the size of the estate and the applicant's qualifications the surety may not require.




Question# 6   My 10 year child was left $ 25,000 by their grandparents after they passed away...the bank will
                       not let me open a bank account for my child and indicated that they need to see that I am
                       bonded?


Answer:                The bank is correct the $25,000 is not your money, it  is your child's. Since children are minor's until they are age 18  the state 
                             needs to protect the child's money from the guardian  by having guardian obtain bond to guarantee  in the event the funds are
                             mishandled ...the child will recover their money from the insurance company. The insurance company would look to the 
                             guardian for recovery.  







              Established 1952

“Service is Our Most Important Product”

                             

               
  • Address
  • 2025 Hamburg Turnpike,
  • Suite J
  • P.O. Box 2338
  • Wayne, NJ 07470
  •      973.835.8444    
  •      888.220.2678    Toll Free
  •      973.835.3056    Fax
  • ​
  •      www.probate-bonds.com
  •      info@probate-bonds.com
© Copyright. All rights reserved.
Powered by Insurance Website Builder