3B: 1-7 Exclusion of property passing to a testamentary trustee other than by devise from rights of personal representative or creditors of decent
Property passing to a testamentary trustee other than by devise shall not be subject to rights of, powers of or to administration by a personal representative or to rights of creditors to any extent beyond that to which it would otherwise be if the testamentary trust was an inter vivos trust.
Tuesday, December 23, 2008
3B: 1-6 Law governing rights, duties and powers of fiduciaries
The provisions of this title shall govern the rights, duties, and powers of successors and fiduciaries relating to the administration of all estates except that the validity and propriety of all acts done by a fiduciary and all rights established in successors prior to September 1, 1978, shall remain determined under the law as then in effect.
3B: 1-5 Effect upon vested rights and remedies
The repeal of any sections, acts or parts of acts by the enactment of this title shall not affect any right now vested in any person pursuant to any sections, acts or parts of acts so repealed, nor any remedy where an action or proceeding thereunder has been institued and is pending on the effective date of this title.
3B:1-4 Contractual arrangements relating to death
A contract to make a will or devise, or not to revoke a weill or devise, or to die intestate, if executed after September 1, 1978, can be established only by (1) provisions of a will stating material provisions of the contract; (2) an express reference in a will to a contract and extrinsic evidence proving the terms of the contract; or (3) a writing signed by the decedent evidencing the contract. The execution of a joint will or mutual wills does not create a presumption of a contract not to revoke the will or wills.
3B:1-3. Devolution of property upon death
Upon the death of a person, his real and personal property devolves to the persons to whom it is devised by his ill or to those indicated as substitues for them in cases involving lape, renunciation, or other circumstances affecting the devolution of testate, or in the absence of testmentary dispostion, to his heirs, or to those indicated as subbstitues for them in cases involving renunciation or other circumstances affecting devolution of intestate estates, subject ot rights of creditors and to aministration.
L. 1891, c. 405 3B:1-3, eff. May 1, 1982
For more information go to www.newjerseyelderlaw.com
L. 1891, c. 405 3B:1-3, eff. May 1, 1982
For more information go to www.newjerseyelderlaw.com
3B:1-2 Definitions: I to Z
"Issue" of a person includes all of his lineal descendants, natural or adopted, of all generations, with the relationship of parent and child at each generation being determined by by the definition of child and parent.
"Local administration" means administration by a personal representative appointed in this State.
"Local fiduciary" means any fiduciary who has received letters in this State and excludes foreign fiduciaries who acquire the power of local fidcuary persuant to this title.
"Mental incompetent" means a person who is impaired by reason of mental illness or mental deficiency to the extent that he lacks sufficient capacity to govern himself and manage his affairs.
The term "mental incompetent" is also used to dsignate a person who is impaired by reason of physical illness or disability, chronic use of drugs, chronic alcoholism, or other cause (except minority) to the extent that he lacks sufficient capacity to govern himself and manage his affairs.
The term "mental incompetency" and "mental imcompetent" refer to the state or condition of a "mental incompetent" as hereinbefore defined.
"Minor" means a person who is under 18 years of age.
"Nonresident decedent" means a decedent who was domiciled in another jurisdiction at the time of his death.
"Parent" means any person entitled to take or would be entitled to take if the child, natural or adopted, died without a will, by intestate succession from the child whose relationship is in question and excludes any person who is a stepparent foster parent of grandparent.
"Personal representative" includes executor, administrator, successor personal repreentative, special administrator, and persons who perform substantially the same function under the law governing their status. "General personal representative" excludes special administrator.
"Resident creditor" means a person domiciled in, or doing business in this State, who is, or could be, a caimant against an estate.
"Security" includes any note, stock, treasury stock, bond, mortgage, financing statement, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under the title of lease, collateral, trust certificate, transferable share, voting trust certificate or, in general, any interest or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of the foregoing.
"Successor personal representative" means a personal representative, other than a special administrator, who is appinted to succeed a previously appointed personal representative.
"Successors" means those persons, other than creditors, who are entitiled to real and personal property of a decedent under his will or the laws governing intestate succession.
"Testamentary trustee" means a trustee designated by will or appointed to exercise a trust created by will.
"Trust" includes any express trust, private, or charitable , with additions thereto, wherever and however created. It also includes a trust created by judgement under which the trust is to be administered in the matter of an express trust. "Trust" excludes other constructive trusts, and it excludes resulting trusts, guardinships, personal representatives, trust accounts created under the "Multiple-party Deposit Account Act," P.L. 1979, c 491 (C. 17:161-1 et seq), gifts to minors under the "New Jersey Uniform Gifts to Minors Act," P.L.1963, c.177 (C.46:38-13 et seq.), business trusts providing for certificates to be issued to beneficiaries, common trusts, security arrangements, liquidation trusts, and trusts for the primary purpose of paying debts, dividents, interest, salaries, wages, profits, pensions, or employee benefits of any kidn, an dany arrangement under which a person is a nominee or escrowee for another.
"Ward" means a person for whom a guardian is appointed or a person under the protection of the court.
"Will" means the last will and testament of a testator or testatrix and includes any codicil.
L. 1981, c 405 3B: 1-2, eff. May 1, 1982.
For more information go to www.newjerseyelderlaw.com
"Local administration" means administration by a personal representative appointed in this State.
"Local fiduciary" means any fiduciary who has received letters in this State and excludes foreign fiduciaries who acquire the power of local fidcuary persuant to this title.
"Mental incompetent" means a person who is impaired by reason of mental illness or mental deficiency to the extent that he lacks sufficient capacity to govern himself and manage his affairs.
The term "mental incompetent" is also used to dsignate a person who is impaired by reason of physical illness or disability, chronic use of drugs, chronic alcoholism, or other cause (except minority) to the extent that he lacks sufficient capacity to govern himself and manage his affairs.
The term "mental incompetency" and "mental imcompetent" refer to the state or condition of a "mental incompetent" as hereinbefore defined.
"Minor" means a person who is under 18 years of age.
"Nonresident decedent" means a decedent who was domiciled in another jurisdiction at the time of his death.
"Parent" means any person entitled to take or would be entitled to take if the child, natural or adopted, died without a will, by intestate succession from the child whose relationship is in question and excludes any person who is a stepparent foster parent of grandparent.
"Personal representative" includes executor, administrator, successor personal repreentative, special administrator, and persons who perform substantially the same function under the law governing their status. "General personal representative" excludes special administrator.
"Resident creditor" means a person domiciled in, or doing business in this State, who is, or could be, a caimant against an estate.
"Security" includes any note, stock, treasury stock, bond, mortgage, financing statement, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under the title of lease, collateral, trust certificate, transferable share, voting trust certificate or, in general, any interest or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of the foregoing.
"Successor personal representative" means a personal representative, other than a special administrator, who is appinted to succeed a previously appointed personal representative.
"Successors" means those persons, other than creditors, who are entitiled to real and personal property of a decedent under his will or the laws governing intestate succession.
"Testamentary trustee" means a trustee designated by will or appointed to exercise a trust created by will.
"Trust" includes any express trust, private, or charitable , with additions thereto, wherever and however created. It also includes a trust created by judgement under which the trust is to be administered in the matter of an express trust. "Trust" excludes other constructive trusts, and it excludes resulting trusts, guardinships, personal representatives, trust accounts created under the "Multiple-party Deposit Account Act," P.L. 1979, c 491 (C. 17:161-1 et seq), gifts to minors under the "New Jersey Uniform Gifts to Minors Act," P.L.1963, c.177 (C.46:38-13 et seq.), business trusts providing for certificates to be issued to beneficiaries, common trusts, security arrangements, liquidation trusts, and trusts for the primary purpose of paying debts, dividents, interest, salaries, wages, profits, pensions, or employee benefits of any kidn, an dany arrangement under which a person is a nominee or escrowee for another.
"Ward" means a person for whom a guardian is appointed or a person under the protection of the court.
"Will" means the last will and testament of a testator or testatrix and includes any codicil.
L. 1981, c 405 3B: 1-2, eff. May 1, 1982.
For more information go to www.newjerseyelderlaw.com
3B:1-1. Definitions: A to H
As used in this title, unless otherwise defined:
"Administrator" includes general administrators of an intestate and unless restricted by the subject or context, administrators with the will annexed, substituted administrators, substituted administrators with the will annexed, temporary administrators and adminstrators pendente lite.
"Beneficiary," as it relates to trust beneficiaries includes a person who has any present or future interest, vested or contingent and also included the owner of an interest by assignment of other transfer and as it relates to a charitable trust, includes any person entitled to enforce the trust.
"Child" means any individual, including a natural or adopted child, entitled to take by intestate succession from the parent whose relationship is involved and excludes any person who is only a stepchild, a foster child, a grandchild or any more remote descendant.
"Claims" include liabilities whether arising in contract, or in tort or otherwise, and liabilities of the estate which arise at or after the death of the decedent, including funeral expenses and expenses of administration, but does not include estate of inheritance taxes, demands, or disputes regarding title to specific assets alleged to be included in the estate.
"Confiduciary" means each of two or more fiduciaries jointly serving in a fiduciary capacity.
"Devise," when used as a noun, means a testamentary disposition of real or personal property and when used as a verb, means to dispose of real or personal property by will.
"Devisee" means any person designated in a will to receive a devise. In the case of a devise to an existing trust or trustee is the devisee and the beneficiaries are not devisees.
"Distributee" means any person who has received property of a decedent from his personal representative other than as a creditor or purchaser. A trustee is a distributee only to the extent of a sitributed asset or increment thereto remaining in his hands. A beneficiary of a trust to whom the trustee has distributed property received from a personal representative is a distributee of the personal representative.
"Domiciliary foreign fiduciary" means any fiduciary who has received letters, or has been appointed, or is authorized to act as a fiduciary, in jurisdiction in which the decedent was domiciled at the time of his death, in which the ward is domiciled or in which is located the principal place of the administration of a trust.
"Estate" means all of the property of a decedent, minor or mental incompetent, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during adminstration.
" Fiduciary" includes executors, general adminstrators of an intestate, adminstrators with the will annexed, substituted administrators with the will annexed, guardians, substituted guardians, trustees, substituted trustees and, unless restricted by the subject or context, temporary administrators, administrators pendente lite, administrators ad prosequedum, administrators ad litem and other limited fiduciaries.
"Guardian" means a person who has qualified as a guardian of a person or estate of a minor or mental incompetent persuant to testamentary or court appointment, but excludes on who is merely a gaurdian ad litem.
"Heirs" means those persons, including the surviving spouse, who are entitlesd under statutes of intestate succession to property of a decedent.
L. 1981, c 3b:1-1, eff. May 1, 1982.
For more information go to www.centraljerseyelderlaw.com
Posted by Ken Vercammen NJ Law Blog at 9:31 AM
"Administrator" includes general administrators of an intestate and unless restricted by the subject or context, administrators with the will annexed, substituted administrators, substituted administrators with the will annexed, temporary administrators and adminstrators pendente lite.
"Beneficiary," as it relates to trust beneficiaries includes a person who has any present or future interest, vested or contingent and also included the owner of an interest by assignment of other transfer and as it relates to a charitable trust, includes any person entitled to enforce the trust.
"Child" means any individual, including a natural or adopted child, entitled to take by intestate succession from the parent whose relationship is involved and excludes any person who is only a stepchild, a foster child, a grandchild or any more remote descendant.
"Claims" include liabilities whether arising in contract, or in tort or otherwise, and liabilities of the estate which arise at or after the death of the decedent, including funeral expenses and expenses of administration, but does not include estate of inheritance taxes, demands, or disputes regarding title to specific assets alleged to be included in the estate.
"Confiduciary" means each of two or more fiduciaries jointly serving in a fiduciary capacity.
"Devise," when used as a noun, means a testamentary disposition of real or personal property and when used as a verb, means to dispose of real or personal property by will.
"Devisee" means any person designated in a will to receive a devise. In the case of a devise to an existing trust or trustee is the devisee and the beneficiaries are not devisees.
"Distributee" means any person who has received property of a decedent from his personal representative other than as a creditor or purchaser. A trustee is a distributee only to the extent of a sitributed asset or increment thereto remaining in his hands. A beneficiary of a trust to whom the trustee has distributed property received from a personal representative is a distributee of the personal representative.
"Domiciliary foreign fiduciary" means any fiduciary who has received letters, or has been appointed, or is authorized to act as a fiduciary, in jurisdiction in which the decedent was domiciled at the time of his death, in which the ward is domiciled or in which is located the principal place of the administration of a trust.
"Estate" means all of the property of a decedent, minor or mental incompetent, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during adminstration.
" Fiduciary" includes executors, general adminstrators of an intestate, adminstrators with the will annexed, substituted administrators with the will annexed, guardians, substituted guardians, trustees, substituted trustees and, unless restricted by the subject or context, temporary administrators, administrators pendente lite, administrators ad prosequedum, administrators ad litem and other limited fiduciaries.
"Guardian" means a person who has qualified as a guardian of a person or estate of a minor or mental incompetent persuant to testamentary or court appointment, but excludes on who is merely a gaurdian ad litem.
"Heirs" means those persons, including the surviving spouse, who are entitlesd under statutes of intestate succession to property of a decedent.
L. 1981, c 3b:1-1, eff. May 1, 1982.
For more information go to www.centraljerseyelderlaw.com
Posted by Ken Vercammen NJ Law Blog at 9:31 AM
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