Legal Question in Wills and Trusts in New Jersey

Re: refunding bond and release

Usually, executors provide a report to the beneficiaries showing what was in the estate at the time of death, and the income and expenses, including administraton of the estate and payment of debts and income, inheritance and estate taxes, to show what monies and other assets remain. This accounting should be attached to a document that goes to each beneficiary, stating that upon signing the document, they will receive their distribution under the will. The document includes the promise of each beneficiary to remain responsible if any other obligations are found and have not been paid, to contribute their proportionate share (by "refunding" it to the executor) towards payment of that obligation.

I am not aware of a preprinted form for this purpose, because each accounting will be different, and the promises are fairly straightforward.

To be certain that you are personally protected, because the executor has personal liability for improperly distributinng the estate if any obligations remain that are not paid, you may wish to have an estates attorney assist you with preparation of these documents.

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Re: refunding bond and release

Try the Surrogate's Office for a form copy of the Release and Refunding bond, remember after it is executed by all beneficiaries it sould be filed with the surrogate. Also, don't overlook the "Accounting of the Estate", this also must be approved and "signed off" bt each beneficiary. In my practice, I prepare both documents at the same time.