Administrators of intestate estates or executors under a will are required, pursuant to N.J.S.A. 3B:10-23, to settle and distribute an estate “as expeditiously and efficiently as is consistent with the best interest of the estate.” Closing the estate can commence after marshaling all estate assets, settle any debts of the decedent, and paying any unnecessary death taxes, and once those all happen, the job of the executor or administrator is to account to the estate beneficiaries.
But how do you actually close an estate? One way to close an estate is to release estate distributions to beneficiaries after the execution of a Release and Refunding Bonds. An estate can also be closed upon an order obtained by a court of competent jurisdiction after a verified complaint and order to show cause are filed for approval of the executor or administrator’s account.
Learn more about closing the estate.
In the case of any estate administration, it should be ensured that any estate surety bond required by the court is discharged upon distribution to estate beneficiaries. If a surety bond has been required, it can be discharged by an order, a judgment, or evidence of filed Release and Refunding Bonds executed by all beneficiaries of the estate.
But how do you purchase a court required Estate Surety Bond?
Colonial Surety offers the direct and digital way to obtain estate bonds, also known as probate bonds, personal representative bonds, executor bonds, and administrator bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!