Legal Question in Wills and Trusts in New Jersey

April 2009 - I became one of beneficiaries of a will. In April 2010 I got K-1 form because the estate said I must pay taxes on interest earned on investments sold in 2009. I did not receive money in 2009. I amended my taxes, paid taxes on money I never got. and the estate reimbursed my tax payment in May 2010.

The estate's attorney has sent two releases to sign before they will release the distribution of my share. One is to:

* "waive a judicial settlement"

* "accept, approve, and confirm" of "each and every act" of the financial accounting.

I don't want to have to come up with money next year to pay someone else's taxes and interests, because since the tax documents were fed ex'd on April 15 of this year, I am sure most people were like me -- "what is this? I didn't get money from any estate." I have no idea if everyone else amended taxes. I don't even have phone numbers for most of the other beneficiaries.

Do I have to sign to get my share of the distribution? Should I sign? Shouldn't I have gotten the distribution before I sign the refunding bond and release?

The estate is in NJ, but I am not.


Asked on 5/15/10, 3:45 pm

2 Answers from Attorneys
Amy Klauber Klauber & Klauber, LLP

The waiver should not concern any tax payments by other beneficiaries, it concerns the estate iteslf. I would need to see the documents involved before I could comment on whether you should sign them or not. Please contact my office at 732-663-1500 to schedule an appointment.

Thank you.

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Answered on 5/21/10, 7:47 am
Walter LeVine Walter D. LeVine, Esq.

I agree, although add that these documents are traditional to close an estate, so they seem approriate. I have not seen the Will or read its contents on the tax question as to whose responsibility it was to pay income taxes on earings on estate assets. Nor do I know what you are to receive from the estate - a specific bequest or money oe other property, or a portion of the net estate. More information, or what assets the estate owned and which produced the tax liability. More i8nformation is required to provide you with a complete response to your question. Contact me directly if you have more questions.

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Answered on 5/21/10, 2:07 pm


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