Legal Question in Wills and Trusts in New Jersey

Re: Approval of Accounting

Something does not sound right to me.

Normally, the estate accounting and the release would only be provided to the beneficiaries when the estate administration was completed and final distributions were going to be made. I would not sign the document as you have described it, unless it is made very clear in that document or in writing from the executor and/or his attorney, that this is not a final accounting and you are not giving the executor a complete discharge. It sounds to me like the executor's attorney is trying to use a 'standard' form that does not fit this particular situation.

Re: Approval of Accounting

This is the standard language used in the NJ forms. It only pertains to what has been done to date, not what may be involved in the completion of tghe estate and a final accounting. I, as appears to also apply to the attorney for this estate, always have a beneficiary sign off to get his/her eligible distribution. Unless something appears improper in what you received in the accounting and you are contemplating contesting the accounting, I suggest you sign it.

Re: Approval of Accounting

This is standard language used in NJ forms and my froms contain similar language. Unless you think something is improper and will contest the accounting to date, sign it. It only pertains to what has been done to date and what is being reported to you, not any further activity and the reporting when the estate is finalized.

Re: Approval of Accounting

I agree with Mr. Chester's response to a point.

This sounds like customary language for a partial distribution, and is in the form of an "informal" accounting, not a court ordered or approved accounting. Informal accountings are common where all beneficiaries agree to the distribution of estate assets, and the informal process results in considerable savings of fees and expenses to the estate.

If the Consent and Release is limited to the partial distribution, and discloses to you all of the estate accounting to that point, including showing the assets remaining to be a part of the final distribution, it is probably not unreasonable. Executors will not typically make any distribution to any beneficiary who does not release the executor by similar words. Usually, executors include in the release an agreement by the beneficiary to refund [part of] her/his distribution if it should be required to pay taxes or other mandatory estate expenses.

To assure yourself of the extent of the document you are asked to sign, you should retain a NJ lawyer to advise you.