Legal Question in Wills and Trusts in New Jersey
refunding bond and release form
My grandmother died. My mom & her sister were beneficiaries of estate, sister is executrix of will. mom got her money all but about $1800.00 from a checking account. Now sister wants mom to sign a refunding bond and release form. The form isnt even filled out. She had it notarized and signed it but hasnt gone any further with it. If she sends this form to her sister, wouldnt she no longer have to give my mother the money she still owes? Also, does this form ''have'' to be completed in this case? Thanks
2 Answers from Attorneys
Re: refunding bond and release form
This form acts to terminate an estate and releases the executor from any further reporting to the Probate Court; effectively terminating the probate proceedings. It should not be sent until all assets are received by the beneficiary, and should be completed to acknowledge receipt of all entitlements. There are instances when it could be done in advance, such as when an estate account has not been closed and interest is still accruing, so the exact final number to be inserted in the form. If there is trust between the executor and the beneficiary, giving the form in advance should not be problem; particularly if the funds have been set aside for the the ultimate recipient.
Re: refunding bond and release form
I'm not sure I understand all the facts here. Has your mother ever seen an estate accounting? Is she satisfied with the job her sister did as executor? Were there any problems with the way her sister handled the estate? Unless your mother is clear on these points, she should probably not sign the refunding bond (especially if it is not even filled in properly).
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