Legal Question in Wills and Trusts in New Jersey

I am an Executor of my fathers Wiil What happens after all expense, fees, debts & inheritances are paid out. What happens if 12 months down the line a some bill comes that he owes. Since there is no cash left in estate, am I responsible for the payment or all the heirs?


Asked on 5/16/12, 10:49 am

3 Answers from Attorneys
Jonathan Chester The Law Office of Jonathan S. Chester, Esq., LLC

You should have an attorney help you. They can advise you on holding a reserve to cover any unforseen expenses, and also prepare a refunding bond and release [beneficiaries agree to pay money back to you if there is a bill that comes in late and you have no money to pay it].

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Answered on 5/16/12, 10:54 am
Robert Davies The Davies Law Firm, P.A.

You could end up having to pay it yourself, you have to be careful.

I think you should get a lawyer to help you. Let me know if you want me to assist.

Robert Davies, Esq.

201 820 3460

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Answered on 5/16/12, 11:05 am
Walter LeVine Walter D. LeVine, Esq.

Jon is correct about the refunding bond and release. You could also consider publishing a notice to creditors, which is a legal notice advising possible creditors that the estate is about to close and sets a time limit on submission of claims, after which thet become unenforceable. This is usually done in a paper of statewide jurisdiction like the Star-Ledger. Hols some money in a reserve account until the time for creditots to submit claims expires

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Answered on 5/16/12, 7:32 pm


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