Legal Question in Wills and Trusts in New Jersey
We're almost ready to finalize an estate and distribute funds. I am getting ready to send a Refunding Bond and Release from the beneficiaries. We are anticipating problems from a disassociated sister. What if she does not sign the release? Can the other beneficiaries get their money? Or can the release include a clause that should they fail to respond by a certain date that it would be assumed acceptable, meaning she agrees to the Refunding Bond and Release?
2 Answers from Attorneys
You did not state if you provided an accounting, formal or informal, that supports the RB&R, or if the beneficiaries get a specific amount or property, or a percentage of the estate. If they only get a specific amount and do not sign the RB&R, the funds can be deposited with the Court and you can continue with the remaining people..If the people share by percentages and they have not approved an accounting, one person can hold things up. You may have to go to Courtr to get this resolved in this situation
If you are talking about one of the remaindermen not agreeing to sign off on the refunding bond, then yes, they can hold you up.
If the 'black sheep' will not respond, you should immediately file a formal estate accounting in court. If the court approves the accounting, then the beneficary is bound by that decision and then you are free to make the final distributions to everyone.
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