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New York Administrator/Executor Bond
According to Statute 805 of the New York Surrogate’s Court Procedure (SCP), an individual applying to become an administrator of an estate in New York must file a surety bond with the court. The bond serves as a security to ensure that the administrator pays all debts owed by the estate, properly distributes the estate's assets, and keeps a detailed accounting of this process.
Have any questions? Give us a call at (855) 470-0877 and speak to a live New York probate bond expert.
Terms to Know when it Comes to New York Administrator/Executor Bonds
- Probate: The legal process through which the administrator or executor of a deceased person’s estate distributes all assets and pays all debts under the supervision of the court.
- Settlement: The act of distributing the assets and settling the debts of the estate.
- Fiduciary: The person in charge of settling the estate. The definition includes all executors and administrators of an estate.
- Petition: A verified application submitted to the court requesting appointment as a fiduciary of the estate.
- Decedent: The individual who has passed away and left the estate.
- Beneficiary: Any person entitled to any part or all of an estate.
- Creditor: Any person having a claim against a decedent's estate.
- Testate: If the decedent dies with a will, the estate is considered Testate. Typically, individuals name their desired executor in the will.
- Intestate: If the decedent dies without a will, the estate is considered Intestate, and the administrator must petition the court for appointment.
- Surety Bond: A type of insurance required for New York fiduciaries that guarantees they will faithfully fulfill their duties to settle the estate.
How Much Does a New York Administrator/Executor Bond Cost?
Jet charges a base price of $100 per year for the New York Administrator Bond, with the specific cost varying depending on the bond amount. See the chart below to calculate the price for larger bonds. Administrators must pay for the bond prior to their appointment, but they can petition the court for reimbursement from the decedent’s estate when filing their accounting. To determine how much an administrator bond will cost, you can follow the steps listed below:
- Determine the Required Bond Amount
Article 8 of the NY SCP states that the bond amount should be the combined value of all the personal property in the estate as well as any gross rents generated by the estate over the next 18 months. This statute also states that no bond shall be required if the amount does not exceed what is deemed to be a small estate, which is $50,000.
- Calculate the Total Cost
Administrator/Executor bonds up to $18,000 in size cost just $100 per year. For each additional $1,000 increase, the bond premium will increase by the corresponding amount outlined in the table below. Apply online in minutes or call one of our probate bond experts at (855) 470-0877 to determine exactly how much your estate bond will cost.
| Bond Amount | Additional Premium (per $1,000) | Bond Cost (1 year) |
|---|---|---|
| $0 - $18,000 | $100 flat rate | $100 |
| $18,001 - $50,000 | $5.00 | $100 - $260 |
| $50,001 - $200,000 | $4.00 | $260 - $860 |
| $200,001 - $500,000 | $2.50 | $860 - $1,160 |
| $500,001 - $1,000,000+ | $1.00 | $1,160 - $2,110 |
We provide discounted tiered pricing that reduces the percentage rate for larger estate bond amounts. Fiduciaries can also save money by purchasing their fiduciary bond for multiple years in advance.
What is the Process of Becoming an Administrator/Executor in New York?
Administrators in New York must navigate several steps to become court-appointed fiduciaries. Below are the general guidelines, but applicants should refer to the state’s probate page for details on the process.
Step 1 – Hire an Attorney
Although not explicitly required, we recommend that administrators and executors hire an attorney to assist with the probate process.
Step 2 – Determine Priority
The probate judge grants priority to individuals to serve as a personal representative in the following order:
- Surviving spouse
- Deceased individual’s children
- Grandchildren
- Parents
- Siblings
- Any other distributee (entitled to the estate’s property)
- Public administrator or chief fiscal officer of the county
- Any other qualified person
Step 3 – File for Administration with the Court
In New York, the person who is the closest family member based on the above priority should file for Administration. This process includes filing a copy of the paid funeral bill, a certified death certificate, a completed Petition for Letters of Administration, and any other supporting documents. The petition will include details such as the known debts and assets of the estate and a list of all known beneficiaries of the estate. The administrator should file the documents with the county court where the decedent had their primary residence.
Step 4 – Purchase a Surety Bond
Unless otherwise exempt, administrators must purchase and maintain a surety bond.
When is a Bond Not Required in New York?
Administrators must always obtain a bond, except in the following situations:
- All estate beneficiaries agree to waive the bond requirement
- Article 8 of the SCP states if the value of the assets to be administered does not exceed the amount defined as a small estate, no bond should be required. Article 1301 defines that amount as $50,000.
Executors in New York are not required to purchase a bond unless the will explicitly requires one, the court determines one is necessary, or a person with an interest in the estate petitions the court to require one.
What are the Responsibilities of an Administrator/Executor in New York?
Administrators and executors of an estate have a legal duty to act faithfully towards the estate and not put their interests ahead of that duty. This duty includes three main responsibilities:
- Collect, inventory, and appraise all the estate assets.
- Pay the decedent’s bills, taxes, estate expenses, and creditors.
- Transfer the property according to the Will or, if there is no Will, then according to the law.
What is the Purpose of a New York Administrator/Executor Bond?
The bond ensures that the estate’s beneficiaries and creditors will receive compensation for financial harm if the administrator fails to abide by the New York Surrogate’s Court Procedure. Specifically, the bond protects beneficiaries and creditors if the administrator fails to pay creditors or mismanages the estate’s assets. In short, the bond is a type of insurance that protects the estate’s beneficiaries and creditors if the administrator violates their fiduciary duties.
How Does the Application Process Work with Jet?
Jet’s application process is simple and fast - our goal is to get the administrator bonded as quickly as possible so they can focus on their fiduciary obligations. All we need is the bond amount and basic information about the estate.
Here are some of the factors Jet considers when underwriting an administrator/executor bond:
- A soft credit check of the applicant
- Documentation from the court that includes the filed petition and court order for the bond
- Applicant's criminal background
- Disputes among the estate's beneficiaries
- Whether or not there is any ongoing business in the estate
- Whether or not the applicant owes any money to the estate
How Do You File an Administrator/Executor Bond with the Court?
When you purchase the surety bond, you will immediately receive a digital version of your bond with a receipt. Afterward, Jet will complete the bond form, attach our raised seal to the original copy, and mail it to you. You must simply sign and deliver the original copy to the surrogate’s court overseeing your case.
Many county courts in New York accept e-filing for administration documents such as the petition. However, all counties require the administrator to submit the physical copy of their bond, with the raised seal, by mail or in person. Jet has provided a chart at the bottom of the page with a list of all county court locations in the State of New York and any available contact information for their offices.
How Do You Renew the New York Administrator/Executor Bond?
Jet will notify the administrator well in advance of the renewal date to ensure timely renewal payment. Jet will notify the attorney (when applicable) and the court if you do not pay for the renewal. If an attorney is involved, they may decide to pay the renewal bond premium, but the fiduciary must reimburse them. Upon being notified of failing to maintain the bond, the court will set a hearing.
How Long Do You Need the Bond?
The court will release the bond once the administrator has paid all debts, distributed all assets, and provided a final accounting approved by the court. The administrator must submit an annual accounting to the court if the estate settlement extends beyond a year.
After obtaining the release, the administrator simply needs to email a copy to [email protected] so that we can cancel the bond and issue any applicable refund due back to the administrator.
What Actions of an Administrator/Executor Can Lead to Surety Bond Claims?
Administrators have a critical role in the settlement of an estate and are relied on by the heirs, creditors, and the court to fulfill these obligations. Complaints regarding failure to uphold duties may arise from the heirs and creditors if they feel the administrator has not settled the estate properly. Your diligence in keeping receipts and records of all transactions is essential.
Some examples of potential actions that could cause a claim:
- Lack of proper accounting and detailed records
- Improper disbursement of assets
- Nonpayment of taxes/debts
- Embezzlement
What Happens if a Claim Is Filed on the Probate Bond?
Upon receiving court notice of a claim on the bond, Jet has 30 days to pay the claim or ask for additional time to review it. Jet works tirelessly to protect administrators against faulty claims, which means that even if the court has requested a bond payout, we assess all documentation provided by the court and the administrator before paying out the claim. However, if a claim is valid and Jet pays the claimant, the administrator must pay Jet back as the representative is ultimately liable for their actions.
Surrogate's Court Locations in New York
| County Courthouse | Phone | Mailing Address | |
|---|---|---|---|
| Albany County | (518) 285-8585 | 16 Eagle Street, Room 123 Albany, NY 12207 | [email protected] |
| Allegany County | (585) 449-3464 | 7 Court Street Belmont, NY 14813-1084 | [email protected] |
| Bronx County | (718) 618-2300 | 851 Grand Concourse Bronx, NY 10451 | [email protected] |
| Broome County | (607) 240-5789 | P.O. Box 1766 Binghamton, NY 13902 | [email protected] |
| Cattaraugus County | (716) 379-6636 | 303 Court Street Little Valley, NY 14755 | [email protected] |
| Cayuga County | (315) 237-6210 | 152 Genesee Street Auburn, NY 13021 | |
| Chautauqua County | (716) 753-4337 | Courthouse - PO Box C Mayville, NY 14757 | [email protected] |
| Chemung County | (607) 873-9440 | Post Office Box 588 Elmira, NY 14902-0588 | [email protected] |
| Chenango County | (607) 371-7165 | 13 Eaton Ave. Norwich, NY 13815 | |
| Clinton County | (518) 536-3830 | 137 Margaret Street Plattsburgh, NY 12901 | [email protected] |
| Columbia County | (518) 267-3150 | 401 Union Street Hudson, NY 12534 | |
| Cortland County | (607) 218-3335 | 46 Greenbush Street, Suite #303 Cortland, NY 13045-2725 | [email protected] |
| Delaware County | (607) 376-5405 | 3 Court Street Delhi, NY 13753 | [email protected] |
| Dutchess County | (845) 431-1770 | 10 Market Street Poughkeepsie, NY 12601 | [email protected] |
| Erie County | (716) 845-2560 | 92 Franklin Street - 2nd floor Buffalo, NY 14202 | [email protected] |
| Essex County | (518) 873-3320 | 7559 Court Street - P.O. Box 217 Elizabethtown, NY 12932 | |
| Franklin County | (518) 353-7350 | 355 West Main Street Malone, NY 12953 | |
| Fulton County | (518) 706-3280 | 223 West Main Street Johnstown, NY 12095 | [email protected] |
| Genesee County | (585) 201-5733 | 1 West Main Street Batavia, NY 14020 | [email protected] |
| Greene County | (518) 625-3150 | 320 Main Street Catskill, NY 12414 | |
| Hamilton County | (518) 648-5411 | 102 County View Drive Lake Pleasant, NY 12108 | [email protected] |
| Herkimer County | (315) 619-3400 | 301 N. Washington Street Herkimer, NY 13350 | |
| Jefferson County | (315) 785-3019 | 163 Arsenal Street Watertown, NY 13601 | [email protected] |
| Kings County | (347) 404-9690 | 2 Johnson St. Brooklyn, NY 11201 | |
| Lewis County | (315) 570-2438 | 7660 N. State Street, Second Floor Lowville, NY 13367 | [email protected] |
| Livingston County | (585) 371-3921 | 2 Court Street Geneseo, NY 14454 | |
| Madison County | (315) 231-5321 | 138 North Court Street Wampsville, NY 13163 | [email protected] |
| Monroe County | (585) 371-3310 | 99 Exchange Blvd. Rochester, NY 14614 | [email protected] |
| Montgomery County | (518) 853-8108 | 58 Broadway - P.O. Box 1500 Fonda, NY 12068 | |
| Nassau County | (516) 493-3800 | 262 Old Country Road Mineola, New York 11501 | [email protected] |
| New York County | (646) 386-5003 | 31 Chambers Street New York, NY 10007 | [email protected] |
| Niagara County | (716) 439-7148 | 175 Hawley Street Lockport, NY 14094 | [email protected] |
| Oneida County | (315) 266-4550 | 800 Park Avenue, 8th Floor Utica, NY 13501 | |
| Onondaga County | (315) 671-2100 | 401 Montgomery Street Syracuse, NY 13202 | |
| Ontario County | (585) 412-5331 | 27 North Main Street Canandaigua, NY 14424 | |
| Orange County | (845) 476-3655 | 30 Park Place Goshen, NY 10924 | [email protected] |
| Orleans County | (585) 283-6658 | 1 South Main Street. Suite 3 Albion, NY 14411-1497 | [email protected] |
| Oswego County | (315) 207-7566 | 25 East Oneida Street Oswego, NY 13126 | |
| Otsego County | (607) 322-3150 | 197 Main Street, Suite 21 Cooperstown, NY 13326 | [email protected] |
| Putnam County | (845) 208-7860 | 44 Gleneida Avenue Carmel, NY 10512 | [email protected] |
| Queens County | 88-11 Sutphin Blvd. Jamaica, NY 11435 | [email protected] | |
| Rensselaer County | (518) 285-6100 | 80 Second Street Troy, NY 12180 | [email protected] |
| Richmond County | (718) 675-8508 | 18 Richmond Terrace Staten Island, NY 10301 | [email protected] |
| Rockland County | (845) 483-8260 | 1 South Main Street New City, NY 10956 | [email protected] |
| Saratoga County | (518) 451-8830 | 30 McMaster Street - Building 3 Ballston Spa, NY 12020 | |
| Schenectady County | (518) 285-8455 | 612 State Street Schenectady, NY 12305 | |
| Schoharie County | (518) 453-6986 | P.O. Box 669 Schoharie, NY 12157 | [email protected] |
| Schuyler County | (607) 228-3351 | 105 9th St., Unit 35 Watkins Glen, NY 14891 | |
| Seneca County | (315) 835-6232 | 48 West Williams Street Waterloo, NY 13165 | [email protected] |
| St. Lawrence County | (315) 379-2217 | 48 Court Street Canton, NY 13617 | |
| Steuben County | (607) 622-8221 | 3 East Pulteney Square Bath, NY 14810 | |
| Suffolk County | (631) 852-1745 | 320 Center Drive Riverhead, NY 11901 | [email protected] |
| Sullivan County | (845) 791-3500 | 100 North Street Monticello, NY 12701 | |
| Tioga County | (607) 689-6107 | 21 Court Street Owego, NY 13827 | [email protected] |
| Tompkins County | (607) 216-6655 | 320 North Tioga Street Ithaca, NY 14850 | [email protected] |
| Ulster County | (845) 481-9338 | 240 Fair Street Kingston, N.Y. 12401 | [email protected] |
| Warren County | (518) 480-6360 | 1340 State Route 9 Lake George, NY 12845 | [email protected] |
| Washington County | (518) 285-4389 | 383 Broadway Street Fort Edward, NY 12828 | [email protected] |
| Wayne County | (315) 665-8119 | 54 Broad Street Lyons, NY 14489 | [email protected] |
| Westchester County | (914) 824-5656 | 111 Dr. Martin Luther King Jr. Blvd, 19th floor White Plains, NY 10601 | [email protected] |
| Wyoming County | (585) 228-3200 | 147 North Main Street Warsaw, NY 14569 | [email protected] |
| Yates County | (315) 835-6321 | 415 Liberty Street Penn Yan, NY 14527 | [email protected] |
