Legal Question in Wills and Trusts in New Jersey

Can a release and refunding bond be completed while keeping the decedent's Estate Checking Account and EID# open? We (the co-executors) are expecting a New Jersey Homestead Rebate check to be issued in the name of the Estate of the decedent, but not until sometime around August 2018. Therefore we need to keep the Estate Checking Account open in order to receive that check when it arrives. Is it still possible to execute the distributions to the heirs and close the Estate now, with that Estate Checking account left open until August 2018?


Asked on 10/04/17, 7:09 pm

1 Answer from Attorneys

Miriam Jacobson Retired from practice of law

It is possible to do a partial disbursement and hold pack part of the estate assets, but the Executors should have each beneficiary receiving a distribution sign a receipt, release and refunding bond for the partial distribution. Consult with an estates lawyer in the county where the estate is being administered to be sure that you are taking the appropriate precautions and properly administering the estate.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

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Answered on 10/04/17, 8:32 pm


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