Legal Question in Wills and Trusts in New Jersey
Probate a will with out-of-state executor
My parent's will has 2 executors - my brother in NJ and me in FL. The Passaic County, NJ court tells us that we have to put up a bond (based on a % of the estate worth) for the fact that I am out-of-state or renounce my executorship. Our amount comes to $1740. Is this a new law? Why was it put into effect?
2 Answers from Attorneys
Re: Probate a will with out-of-state executor
The easiest thing to do is to renounce as executor. Since your brother is in Jerey he will be doing most of the work anyway. If the will said executors are to serve without bond, then I do not understand the demand for one. If the will is silent as to bonds, then the Surrogate has the prerogative to decide on a case by case bases if a bond is required. Our office specializes in probate and if you or your brother needs any help in handling the estate or selling any real estate, please contact me.
Re: Probate a will with out-of-state executor
I've never heard of a bonding requirement for an out of state executor, in particular where the executor is a child of the decedent. I'm guessing that the Will may have been drafted without a provision waiving any bond requirement (bond is waived nearly 100% of the time)...perhaps the attorney who drafted the Will made a mistake?
In any event, if the Surrogate is insisting on a bond, it may be easier for you to renounce.
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