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If there is probate property, the New Jersey Surrogate's Court may require you to obtain a probate surety bond in order to guarantee that the estate and its beneficiaries are protected in accordance with New Jersey state law.
What is a refunding agreement?
It is a legal document in which you as the heir would acknowledge receipt of a distribution, release (no claims) against the personal administrator and then agree to refund or return the money if necessary.
What is a release and refunding bond New Jersey?
The Refunding Bond and Release has a dual purpose: Refunding \u2013 To refund to the Executor or Administrator out of his/her share of the estate his ratable part of any unpaid debts, owed by the testator or intestate, if there are no other assets to pay them.
How long does an executor have to settle an estate in New Jersey?
Generally, they are 9 months from the date of death for a Federal Estate Tax Return and 8 months for a NJ Inheritance Tax Return. When all obligations of the estate are satisfied, the executor should disburse the remaining estate assets to beneficiaries.
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N.J. Admin. Code § 5:31-8.1 - Refunding of bonds meeting certain conditions · 1. The present value savings is at least three percent; · 2. The new debt service ...
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