18:26-11.9 From one fiduciary to another

N.J.A.C. 18:26-11.9 (2014)
§ 18:26-11.9 From one fiduciary to another

   Bonds and/or stock of a New Jersey Corporation or a national bank located in New Jersey, or any money deposited in any trust company, bank or other institution in the name of one court appointed fiduciary as executor, administrator or trustee or guardian, may, upon the death of such fiduciary, be transferred without a New Jersey Transfer Inheritance Tax and a New Jersey Estate Tax waiver to, or on the order of, the legally appointed substitute for the deceased fiduciary.

18:26-11.8 Transfers to savings accounts without a waiver

N.J.A.C. 18:26-11.8 (2014)
§ 18:26-11.8 Transfers to savings accounts without a waiver

   (a) Funds of a decedent on deposit in a checking account in any bank may be transferred to an interest bearing account in the same bank in the name of the decedent or his estate without obtaining a waiver.

(b) Funds of a decedent on deposit in an Individual Retirement Account (IRA) and/or Keogh retirement plan account may be transferred to another account in the same bank without obtaining a waiver.

(c) Any certificate of deposit or any type of a preferred account containing funds of a decedent may be transferred to another account in the same bank without obtaining a waiver.

(d) The transfers permitted in (a) through (c) above are subject to the requirement that the banking institution promptly file a notice with the Transfer Inheritance and Estate Tax Section of the Individual Tax Audit Branch, PO Box 249, Trenton, New Jersey, 08646-0249, containing the following information:

1. Decedent's name;

2. Date of death and domicile;

3. Name and address of executor or administrator of estate;

4. The account number, or certificate number, sought to be transferred and the balance on deposit or the maturity value as of the date of death.

(e) In any event, the bank is required to retain the same control over the substituted account as the original account until the New Jersey Inheritance Tax and the New Jersey Estate Tax are provided for and paid.

18:26-11.7 Share of a deceased beneficiary

N.J.A.C. 18:26-11.7 (2014)
§ 18:26-11.7 Share of a deceased beneficiary

   In any case where a beneficiary dies prior to the settlement of an estate in which such beneficiary is entitled to receive a share or interest, the executor or administrator of the first estate must first obtain a waiver before transferring such share or interest.

18:26-11.6 Mortgage participation certificates

N.J.A.C. 18:26-11.6 (2014)
§ 18:26-11.6 Mortgage participation certificates

   In order to effect the transfer of any mortgage participation certificates registered in the name of a decedent of which belong to a decedent even though held in the name of another, it is necessary to obtain a waiver.

18:26-11.5 Leasehold interest

N.J.A.C. 18:26-11.5 (2014)
§ 18:26-11.5 Leasehold interest

   The written consent of the Director is required to transfer any leasehold or chattels real, which a decedent owned or in which a decedent had an interest.

18:26-11.4 Real and personal property of resident and nonresident decedents

N.J.A.C. 18:26-11.4 (2014)
§ 18:26-11.4 Real and personal property of resident and nonresident decedents

   (a) Waivers consenting to the transfer of real property located in New Jersey are necessary for estates of resident decedents or estates of decedents whereby guardians have been appointed for the deceased prior to his death; except, that real property held by a husband and wife/civil union couple as tenants by the entirety must be transferred without a waiver in the estate of the spouse dying first.

(b) An inheritance tax waiver is required for a period of 15 years from the date of such decedent's death and if the decedent died after December 31, 2001 an estate tax waiver is required for an unlimited period in order to effect the transfer or delivery of the real or personal tangible or intangible property specified in N.J.A.C. 18:26-11.1, Consent to transfer; generally, which the decedent owned or in which he had an interest at the date of death.

(c) Inheritance tax waivers are necessary to transfer any real property located in New Jersey belonging to a nonresident decedent. Such waivers are issued after the nonresident decedent return is filed with the Transfer Inheritance Tax Branch and the tax, if any, is adjusted and paid.

18:26-11.3 Consent to transfer not issued

N.J.A.C. 18:26-11.3 (2014)
§ 18:26-11.3 Consent to transfer not issued

   (a) Before the Director issues any Inheritance Tax consents to transfer the assets of a person dying domiciled in this State, it is required that proof be submitted showing the will of such decedent was originally probated in New Jersey, or that letters of administration were originally granted in this State. If it appears that original probate or original administration was had in a foreign jurisdiction, all consents to transfer the decedent's assets will be withheld and a report made to the county court of the county in which a decedent died domiciled, or to the Superior Court until an order is issued from the court.

(b) The provisions of (a) above shall not apply in cases where it appears to the Director that neither the probate of a decedent's will nor the grant of letters of administration are required by the laws of this State. In any case, however, the Director may, at his discretion, issue any and all Inheritance Tax consents to transfer the assets of a decedent where in his judgment, the collection of the Transfer Inheritance Tax payable to New Jersey would be jeopardized by the withholding of such consent.