3B:17-2 Accounts of personal representatives

 3B:17-2 Accounts of personal representatives

A personal representative may settle his account or be required to settle his account in the Superior Court.     Unless for special cause shown, he shall not be required to account until after the expiration of 1 year after his appointment.

 

3B:17-1  Filing of release or discharge.

  3B:17-1.  A fiduciary need not render or settle an account if the fiduciary files with the court a release or discharge from the beneficiary, ward, or cestui que trust who has reached majority and is not incapacitated.

   The release or discharge shall be executed and acknowledged as provided for deeds of real estate to be recorded.

 

for special cause shown, he/she shall not be required to account until after the expiration of one year. An account settled in the Superior Court is a formal accounting. Most accountings are done in an informal manner. The filing of a formal accounting must be done by a Verified Complaint and Order to Show Cause. The filing fee is $ 175.00 and is filed in the Surrogate’s office.

Rule 4:87-1. Accounting Procedure 

 (a) Actions to settle the accounts of executors, administrators, testamentary trustees, non-testamentary trustees, guardians and assignees for the benefit of creditors shall be brought in the county where such fiduciaries received their appointment. The action shall be commenced by the filing of a complaint in the Superior Court, Chancery Division, and upon issuance of an order to show cause pursuant to R. 4:83. A non-testamentary trustee shall annex to the complaint a copy of the written instrument creating the trust and stating its terms. The order to show cause shall state the amount of commissions and attorney's fee, if any, which are applied for. 

§ (b) An action may be commenced by an interested person to compel a fiduciary referred to in paragraph (a) of this rule to settle his or her account, and, in appropriate circumstances, to file an inventory and appraisement. 

4:87-2. Complaint to Approve Accounting

The complaint in an action for the settlement of an account 

(a) shall contain the names and addresses of all persons interested in the account, including any surety on the bond of the fiduciary, specifying which of them, if any, are minors or mentally incapacitated persons, the names and addresses of their guardians, or if there is no guardian then the names and addresses of the parents or persons standing in loco parentis to the minors; 

(b) shall specify the period of time covered by the account and contain a summary of the account. The summary shall state, all as shown by the account: (1) in the case of a first accounting, the amount for which the accountant was chargeable as of the date the trust or obligation devolved upon him or her, or where an inventory is on file, the amount of the inventory; or in the case of a second or later accounting, the balance remaining in the hands of the accountant as shown in the last previous account; (2) the amount for which the accountant became chargeable in addition thereto; (3) the total of the first two items; (4) the amount of the allowances claimed in the account; and (5) the balance in the accountant's hands. Charges and allowances sought on account of corpus and income shall be stated separately both in the summary and in the account; 

 (c) shall have annexed thereto the account which shall be dated; 

 (d) shall ask for the allowance of the account, and also for the allowance of commissions 

and a fee for the accountant's attorney, if accountant intends to apply therefor; and 

  (e) shall be filed at least 20 days prior to the day on which the account is to be settled.