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My husband is a beneficiary, of his mothers estate, which…

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My husband is a...

My husband is a beneficiary, of his mothers estate, which conststs of a bank account and a house. The executor wants to move forward with a partial distribution of the money in the bank account, to be followed by the distribution of the proceeds from the sale of the house. He has been asked to sign a refunding bond and release form for this partial distribution. Our concern is that this form essentially closes the estate before we have a full accounting. Is this typical? We are in NJ.

Lawyer's Assistant: What documents or supporting evidence do you have?

A copy of the will and the refunding bond and release form

Submitted: 5 months ago.Category: Estate Law
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Answered in 1 minute by:
11/19/2017
Estate Lawyer: RayAnswers, Attorney replied 5 months ago
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 46,256
Experience: Texas lawyer for 30 years in Estate law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Customer reply replied 5 months ago
Ok.
Estate Lawyer: RayAnswers, Attorney replied 5 months ago

The executor has to do this by statute.You would still be able to force an accounting or take this up with the court.

By statute (N.J.S.A. 3B:23-24) an Executor or Administrator is required on paying a beneficiary his/her share of the estate, to take a Refunding Bond and Release from the beneficiary and to file the bond in the Surrogate’s Court. The statute requires that the Refunding Bond and Release be in the amount or value of the beneficiary’s share of the estate. The Refunding Bond and Release must be signed by the beneficiary before a Notary Public or attorney. If the beneficiary is a minor or incapacitated person, the Refunding Bond and Release must be signed by the guardian of the property.
The Refunding Bond and Release has a dual purpose:

Refunding – To refund to the Executor or Administrator out of his/her share of the estate his ratable part of any unpaid debts, owed by the testator or intestate, if there are no other assets to pay them.

Release - To discharge the Executor or Administrator of an estate of his/her duties upon distribution to the beneficiary of his/her share of the estate.

In an Administration that required a Surety Bond, the Administrator must request a Certificate of Release from the Surrogate at the time he/she files the Refunding Bond and Release. A Surety Bond will not be cancelled by the insurance agent unless the Certificate of Release is presented to the agent.

It is necessary to file the completed Refunding Bond and Release from each beneficiary of the estate with the Surrogate’s Court. The statutory fee for filing is $ 10.00 per bond and $ 5.00 for the Certificate of Release.

The executor by law cannot make such a distribution without you signing this.I would not hesitate to do this its standard and there is no reason to think you won't get the rest of it.You would also if necessary take this up with probate court.

I appreciate the chance to help you tonight.I wish you the best here.

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Estate Lawyer: RayAnswers, Attorney replied 5 months ago
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