Kenneth Vercammen, Esq. handles Probate, Estate Administration and Wills. He was a speaker at the American Bar Association ABA Annual meeting and is Co-Chair of the Probate & Estate Planning Committee. To schedule a confidential consultation, email us at VercammenAppointments@NJlaws.com or call.
Kenneth Vercammen & Associates, P.C.
2053 Woodbridge Ave.
Edison, NJ 08817
(732) 572-0500
www.njlaws.com

Monday, August 4, 2014

17:12B-106. Acceptance of accounts in name of one or more administrators, custodians, executors, guardians, trustees or other fiduciaries in trust for named beneficiar

17:12B-106.  Acceptance of accounts in name of one or more administrators, custodians, executors, guardians, trustees or other fiduciaries in trust for named beneficiary    Any association may accept accounts in the name of one or more administrators, custodians, executors, guardians, trustees, or other fiduciaries in trust for a named beneficiary or beneficiaries.

    (1) Any such fiduciary shall have such voting rights as are provided in section 126 of this act.

    (2) Any such fiduciary shall have power to open such an account and to make  a payment or payments to, and to withdraw from any such account in whole or in  part.

    (3) Unless the will or other instrument, or the court order or decree under  which such fiduciary is acting, provides otherwise, the withdrawal value of any  such account, and dividends thereon, or other rights relating thereto may be  paid or delivered, in whole or in part, to such fiduciary so long as such  fiduciary is living.  The payment or delivery to any such fiduciary or a  receipt or acquittance signed by any such fiduciary to whom any such payment or  any such delivery of rights is made shall be a valid and sufficient release and  discharge of an association for the payment or delivery so made.

    (4) Whenever a person holding an account in such a fiduciary capacity dies and no written notice of the revocation or termination of the fiduciary relationship shall have been given to an association and the association has no  notice of any other disposition of the beneficial estate, the withdrawal value  of such account, and dividends thereon, or other rights relating thereto may,  at the option of the association, be paid or delivered, in whole or in part, to  the beneficiary or beneficiaries.

    (5) Where such an account is opened or subsequently held by more than one fiduciary the association may accept payments made to such account and may pay any moneys to the credit of such account from time to time to, or pursuant to the order of any one or more of such cofiduciaries who shall be authorized in writing by all the cofiduciaries to make such payments or withdrawals, unless the will or other instrument or the court order or decree under which such cofiduciaries are acting otherwise provides.

17:12B-91. Payment when account terminated and one or more beneficiaries under, and one or more beneficiaries over, 16 years of age

17:12B-91.  Payment when account terminated and one or more beneficiaries under, and one or more beneficiaries over, 16 years of age    When a membership account is opened by a person or persons payable on death  to a beneficiary or beneficiaries in the manner provided in the "Multiple-party Deposit Account Act,"  and the amount is terminated as provided in section 5b(2) of said act,

    and where one or more of the named beneficiaries are under 16 years of age and the remainder of the named beneficiaries are 16 years of age or over, the associations shall pay the moneys to the credit of the trust, less all proper set-offs and charges to:

     a.  The named beneficiaries 16 years of age or over at the time of termination of said account shall be paid pursuant to section 89 of this act, and

     b.  The named beneficiaries under 16 years of age at the time of termination of said account shall be paid pursuant to section 90 of this act.

17:12B-90. Payment to credit of account when beneficiaries under 16 years of age

17:12B-90.  Payment to credit of account when beneficiaries under 16 years of age    When a membership account is opened by a person or persons payable on death  to a beneficiary or beneficiaries in the manner provided in the "Multiple-party Deposit Account Act,"  and the account is terminated as provided in section 5b(2) of said act, and if the named beneficiary or all of the beneficiaries so named survive the death of the person or persons opening such an account and are under 16 years of age at such time, the association shall pay the moneys to the credit of the account, less all proper set-offs and  charges.

    a.  When or after the named beneficiary becomes 16 years of age, to the named beneficiary or upon his order, or

    b.  When more than one beneficiary is named, the association shall pay to the beneficiary so named his proportionate interest in such account as he becomes 16 years of age, or

    c.  To the legal guardian of the named beneficiary, wherever appointed, or where more than one beneficiary is named, the association shall pay such beneficiary's proportionate interest in such account to his legal guardian wherever and whenever appointed, or

    d.  If a certificate of appointment of a legal guardian is not filed with the association, to a person authorized to receive such moneys, or proportionate interest thereof, pursuant to sections 3A:6-31 and 3A:6-32 of the  New Jersey Statutes.

17:12B-89 . Payment to credit of account of beneficiaries or their order

17:12B-89 .  Payment to credit of account of beneficiaries or their order
    When a membership account is opened by a person or persons payable on death  to a beneficiary or beneficiaries in the manner provided in the "Multiple-party Deposit Account Act" , and the account is terminated as provided in section 5b(2) of said act, and if the named beneficiary or one of the beneficiaries so named survive the death of the person or persons opening such an account and the beneficiary or all of the beneficiaries so named are 16  years of age or over at the death of the person or persons opening such an account, the association shall pay the moneys to the credit of the account, less all proper set-offs and charges, to the named beneficiary or beneficiaries  or upon his or their order, and such payment by the association shall be valid,  notwithstanding any lack of legal age of the named beneficiary or  beneficiaries.

18:26-11.32 Penalty for failure to obtain consent or give notice--Inheritance Tax

18:26-11.32 Penalty for failure to obtain consent or give notice--Inheritance Tax

   (a) Any bank, banking institution, safe deposit company, trust company, other institution, association, organization, corporation or person who fails to obtain the written consent of the Director, allow an examination or give notice as provided in this Chapter is liable to pay the amount of the tax and interest due or which becomes due upon the securities, deposits, shares of stock or other assets transferred or delivered and in addition is liable to a penalty of $ 1,000.00 which may be enforced in an action at law in the name of the State.

(b) A safe deposit company, trust company, bank, other institution, corporation or person is not liable to the tax and interest or penalty provided in subsection (a) of this Section, where it or he delivers securities, deposits shares of stock or other assets belonging to or standing in the names of two or more persons to one of such persons without knowledge or reasonable ground to believe that another one of such persons is dead.

 

18:26-11.31 Notice

N.J.A.C. 18:26-11.31 (2014)

§ 18:26-11.31 Notice

   (a) The notice required by N.J.A.C. 18:26-11.30 is to be given by mailing Form 0-71 to the Division of Taxation, Transfer Inheritance and Estate Tax Section, PO Box 249, Trenton, New Jersey 08695-0249 as soon as practicable after the death of the decedent, but in any event not later than 10 days after any part of the sum or sums required to be reported therein have been paid and by advertising each beneficiary listed on the form that information regarding death claim payments is being supplied to the State pursuant to the requirements of the Division of Taxation and that it is the position of the Division of Taxation that a beneficiary may, in the absence of State or Federal statutes to the contrary, be personally liable for any and all inheritance and/or estate taxes until paid.

(b) Completed Forms 0-71 may be mailed to the Division on a monthly basis. A completed Form 0-71 which is made part of a monthly mailing will be deemed to have been mailed in a timely manner provided that the monthly mailing is within one month of the date on which the form would otherwise be required to be mailed.

(c) Nothing herein may be taken to relieve an informant of any liability imposed by statute in any instance where it has failed to file notice as provided herein. The Director reserves the right to direct, at any time, that any sum or sums not yet paid over shall be withheld by the informant pending further order of the Director where that course is deemed imperative to protect the interest of the State.