Legal Question in Wills and Trusts in New Jersey

Re: Final settlement

You do not say if you advertised a Notice To Creditors as part of the probate process. If so, this restricts creditors as to how mkuch time they can take to submit bills, allowing you to settle the estate ASAP. If this is a simple estate, do whatever you can, not having to wait the 8 months, but keep a reasonable reserve in case some last minute bills come in. To close the estate with the Surrogate, each beneficiary must give you a Release and Refunding Bond, which gets recorded with the the Surrogate's Office and which is a receipt acknowledging they got what they should have from the estate. Part of this document is an agreement from the recipient to reimburse you if a late bill comes in after the estate is distributed. I suggest that the reserve is better, as you will have funds on hand and need not try to recoup from the heirs. After a reasonable time, any unexpended part of the reserve becomes an additional distribution. If you need more information or assistance, contact me directly.