Legal Question in Wills and Trusts in New Jersey

Re: executors resposibilities

The Executor of an estate has three main duties:

1. Gather and Inventory the assets of the estate;

2. Pay expenses, file and pay taxes; and

3. Make distributions in accordance with the Will.

If the Executor makes a miscalculation, or pays the wrong amount, the Executor needs to get the overpayment back into the Estate. That is why the beneficiaries sign a "Refunding Bond and Release" which requires them to return excess payments.

I hope this helps!

Ron Cappuccio

www.SaveYourEstate.com