Refunding Bond and Release

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New Jersey requires that a refunding bond and release be executed by a beneficiary to receive what was lef to them in the estate. This document serves two key functions. First, the beneficiary acknowledges their responsibility to return what was received if additional debts of the estate are uncovered and there are no other means to pay the debts. Second, the beneficiary releases the executor/administrator from their estate administration role. The form should not be executed before nine (9) months from date of death.

To complete the form you will need the beneficiary’s name and address as well as total value of cash and property received by the beneficiary from the estate. The executor or administrator of the estate must also be identified on the form. The form should be signed before a witness and a notary public.  A guardian appointed by the court can sign on behalf of a minor or incapacitated person. The trustee can sign for any assets passing to a trust. The executor or administrator should file the original signed, witnessed and notarized Refunding Bond and Release to the Surrogate’s Court with required filing fees.  Include a self-addressed, stamped envelope if you would like to receive a filed coy of the Refunding Bond and Release for your records.