Legal Question in Wills and Trusts in New Jersey
My father died earlier this year and all of his debts have been paid. We are waiting for a few more accounts to be paid to the estate. My question is do you need to wait until all money is put into the estate account before you can start distributing the money to 3 beneficiaries?
1 Answer from Attorneys
HI.
Not necessarily. When deciding on when to make estate distributions, the executor can decide to wait until all debts, taxes and expenses have been paid...or he can make an interim or partial distribution prior to that time. In all cases, the executor should have all beneficiaries execute a Refunding Bond, Receipt and Release prior to paying the distribution. Prior to making the final distributions, I would strongly suggest the executor prepare a simple estate accounting and have all beneficiaries approve the Accounting, and sign a Receipt and Release form.
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