Legal Question in Wills and Trusts in New Jersey

Refunding Bond and Release

In 2003 I received assets from my mother's estate. Two of the assets, rental buildings went into an S corp. with me and my two brothers as shareholders. At the time of distribution I did not receive a refunding bond and release. Recently, I received a letter from the executor's atorney asking me to sign a refunding bond and release. There have been some issues with the handling of the estate. Do I have to sign the refunding bond and release? What happens if I do not sign the refunding bond and release? Can I jsut sign the refunding bond and not sign the release?


Asked on 2/25/08, 5:14 pm

1 Answer from Attorneys
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Re: Refunding Bond and Release

You should hire an estate attorney to review the estate and the accounting. The Refunding Bond and Release has two purposes. The Refunding portion obligates you to pay back what you received from the estate if demanded by the executor or creditor of the estate. The Release eliminates your rights to make claims against the executor. If you and your attorney decide that it is best for you not to sign the Refunding Bond and Release, then a formal accounting will be filed in court and your attorney can file your objections.

I hope this helps!

Ron Cappuccio

http://www.SaveYourEstate.com

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Answered on 2/25/08, 7:20 pm


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