My question involves estate proceedings in the state of: New Jersey
A quick background:
- My Dad had no will
- He has some money in his bank accounts
- He has a property; Fair-market value of $145,000 with a mortgage of $170,000. Tax-assessed value of $195,000
That being said, my questions are..
1. What exactly is a surety bond? Will I get the money I spend on the surety bond back after the estate is settled or is it gone for good? I was told by the county clerk that I would have to get a surety bond for a certain percentage of the value of the estate. That leads to my next question..
2. How do you get the estimate value of the estate when applying for administration? Is that value all of his assets minus all of his liabilities? Or is it just all of his assets?