Legal Question in Wills and Trusts in New Jersey

Partial Distributions and closing estate

I am the executor for my mothers estate, total assets under 600K. The estate has been open since February 2014 and all assets are gathered in an estate bank account except for about 40K from a 401K account. I would like to wait until 2015 to liquidate the 401K to reduce tax implications.

1) Is it proper to partially distribute the majority of the estate to beneficiaries (my sister and me and our children) leaving a reserve for year end-taxes, then the remainder whn the estate closes?

2) What will I need to do to formally close the estate?


Asked on 9/04/14, 9:52 am

2 Answers from Attorneys
Walter LeVine Walter D. LeVine, Esq.

(1) Yes.

(2) Usually all that is needed are Release and Refunding Bonds by which the beneficiaries acknowledge they have received their entire distribution. These get filed with the Surrogate to close the estate.

Since you are making a partial and a final distribution, I usually obtain 2 R&RBs; - one for the partial and one for the final distribution.

This may run a few dollars more in recording fees, but it assures everyone that things are going as planned and that a final distribution will occur. Plus, it assures you that everyone will sign off that they have gotten what there are entitled to.

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Answered on 9/04/14, 10:16 am
Robert Davies The Davies Law Firm, P.A.

You have the answer from Walter LeVine, Esq.

Let me know if you want me to help you with this.

Robert Davies, Attorney

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Answered on 9/04/14, 12:06 pm


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