Legal Question in Wills and Trusts in New Jersey

It really depends on the estate. Typically, the executor would prepare either a formal or informal estate Accounting, with the beneficiaries signing a Refunding Bond and Release

in New Jersey you must file an Inheritance Tax Return and a Estate Tax return if the assets exceed $675,000.00; also a Federal 706 Estate Tax return if the assets of the estate exceed $5 million dollars.. Then at the conclusion of the estate and after approval is received from Trenton, you must prepare an Accounting, Release and Refunding Bonds, and Approvals of Accounting which must be executed by all beneficiaries; if there is objection to executing the previously named documents (Informal Accounting), you must apply to the Probate Court for approval as required by the rules of civil procedure---this is called a Formal Accounting.