Beneficiaries need to Sign Release & Refunding Bond-Sample letter

 

Approval of the Court and/or Beneficiaries prior to distribution

        When the estate is ready to be distributed, the Executor or the accountant should prepare an income and expense report. In NJ we often provide a copy of the NJ Inheritance Tax Return, plus the estate account checkbook ledger. If all the beneficiaries sign the release and refunding bond, then the Executor can send them their checks.

 

                                        Date

             Estate of ______

Beneficiaries need to Sign Release & Refunding Bond-Sample letter

Dear 

 

      Under __ law it is the duty of the fiduciary [Executor or Administrator] to make arrangements to pay bills and other estate expenses and carry out instructions under the Will. NJSA 3B:23-24 provides the fiduciary shall take a Release and Refunding Bond from each beneficiary.

 

      Please read the enclosed draft Release and Refunding Bonds and estate accounting. If you have any questions regarding the accounting, please call the executor directly since they have the bank records. The law office does not have bank records. Every beneficiary will need to sign his or her Release and Refunding Bond. If any beneficiary does not sign their release and refunding bond, then the estate funds cannot be distributed to anyone until approved by the Superior Court. An Accounting and Court approval under Rule 4:87-1 would take many months.  law office is requesting all beneficiaries to immediately make arrangements to sign the Release and Refunding Bond, and return it to my office. Please also note under Federal law each beneficiary must certify they do not owe child support. Please fill out the child support section by hand.

 

      The Release & Refunding Bond must be filed with the County Surrogate and a fee paid.