Surety Bond (Complete Package)

OFFICE OF THE SURROGATE CAMDEN COUNTY Surrogate_Name 415 Federal Street SURROGATE Camden, New Jersey 08103 http://www.njsurrogates.com/camden.htm SurrogateDeputy_Name DEPUTY SURROGATE IMPORTANT INFORMATION REGARDING BONDS 1. The Surrogate is the Judge of the Surrogates Court. In that capacity they have appointed you as a fiduciary. Pursuant to New Jersey statutes, the order of appointment includes a requirement that you post bond. NJS 3B: 15-1. The purpose of the bond is to protect the heirs and creditors of the estate. 2. A surety 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. 3. You are free to purchase this bond from any qualified source. 4. 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. 5. The initial premium is due when the bond application is completed. Annual premiums are due each year until the estate is closed. Those annual bills will come directly from the bonding agent. 6. 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. 7. Please remember that the bond does not terminate at the end of the first year. If you do not notify the bonding company that the estate is closed they will continue the bond and they will bill you each year for another premium. L3.DOC Page 1 of 5 <<<<<<<<<********>>>>>>>>>>>>> 2 Docket No.: _______________ State of New Jersey Camden County Surrogates Court In the matter of the Estate Decedent_Name, Deceased } SURETY BOND KNOW ALL MEN BY THESE PRESENTS, That we __________________________ and _________________________________ 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 that Court, to which payment well and truly to be made, we bind ourselves, heiorusr, executors, administrators, successors and assigns, jointly and severally, firmly by the presentses. Sealed with our seals, a datnd ed the ________________________________, Principal and surety hereby submit themselves to the jurisdiction of said Court and irrevocably appoint the Clerk of the said Court as its agenpont u whom any papers affecting their liability on this bond m serveay be d; they waive any right to a jury trial; it is also a provisionth ois f bond that the liability of the aforesaid surety may beor enfced on motion without the necessity of an independent action; andthe m that otion and such notice of mtioon as the Court prescribes my ba e served on the Clerk of the aforesaid Court who shall forthwithil copies to t ma he aforesaid surety at the address given in this bond. The conditions of bond are those established by NJSA 3B: 1throug5-5 h 7 and NJSA 3B: 13A-14. Surrogates Court has appoin ted ________________________ to act as ________________________. Now, Therefore, if the aforesaid shall faithfully execute this office to which they are appointed, then this obligation is te voio d, obr else to remain in full force and virtue. Signed, Sealed And Delivered In The Presence Of __________________________________________ ________________________________PRINCIPAL WITNESS APPROVED: ________________________________SURETY __________________________________________ SURROGATE BY: ___________________________________________ ATTORNEY-IN-FACT AFFIX SEAL L3.DOC Page 2 of 5 <<<<<<<<<********>>>>>>>>>>>>> 3 CAMDEN COUNTY SURROGATES COURT IN THE MATTER OF: __________________________, _______________ Acknowledgement I, _________________________________________________, acknowledge that I have received a copy of Important Information Regarding Bonds. I understand that the Surrogate requires a bond but that selection of the bonding company is my option. I further understand that the price, terms and conditions are a private contractual matter between me and the bonding company and that the Surrogate is not a party to that contract. ________________________________________________________ Date: ___________________________________________________ L3.DOC Page 3 of 5 <<<<<<<<<********>>>>>>>>>>>>> 4 Camden County Surrogates Court In the Matter of the Estate of DOCKET NO: Docket_Number Decedent_Name, Deceased , of full age, being duly sworn, depose(s) and say(s): 1. He/She/They reside(s) at and is/are applying for Letters of Administration upon the estate of intestate, late of deceased, which Letters have not yet been granted. 2. The following is a brief descriptive list and valuation of all the assets constituting the real and personal property of the decedent. 3. ITEMS (as of the date of death) Total Estimated Amount Cash in hand $ Cash in banks belonging to the Estate $ Corporate Stocks and Bonds, Notes, Etc. $ Insurance taken out by the decedent payable to this estate $ Household effects, jewelry, automobiles, other chattels $ All other personal property of significant value $ belonging to the Estate Real Estate $ Located at: L3.DOC Page 4 of 5 <<<<<<<<<********>>>>>>>>>>>>> 5 REMARKS: Total valuation of all property, as near as can now be ascertained $ NATURE OF DEBTS Total Estimated Amount Funeral expenses $ Debts of last sickness, doctor, nurse, hospital, etc. $ Taxes due, if any, at time of death, and other encumbrances $ Any debts due the personal representative $ Mortgages $ Specify any other debts $ TOTAL AMOUNT OF DEBTS $ The applicant is familiar with the circumstances of the estate and that the real and personal estate and effects of the said deceased, of which he/she died possessed, or is in any way entitled to, and for and in respect of which Letters of Administration are to be granted, and without deducting anything on account of the debts due and owing from the said deceased, are of the value above stated or under, and that the debts of the estate are not likely to exceed the amount above shown, to the best of applicants knowledge, information and belief. Date: A pplicant Special Probate Clerk NOTE: PERSONAL ESTATE WI THOUT DEDUCTION FOR DEBTS DEBTS OF ESTATE 1. The law will not permit the distribution of a decedents property to the exclusion of his creditors. 2. The estate assets must be first applied to the payment of all just claims against the legal prio