Can an estate close in NJ with an accounting and refunding bonds? In other words, no release.

Question

Can an estate close in NJ with an accounting and refunding bonds? In other words, no release.

Answer

It's to the personal representative's benefit to receive a release, which is generally a part of the refunding agreement. Without it, if the accounting was informal, beneficiaries may go after the personal representative for alleged deficiencies. The personal representative should go through a formal accounting and obtain court approval in order to be best protected.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.

Answer

I agree with Miriam. The Release acts as an indemnification to the Executor or Administrator and assures no further claim would be made. Further, should it turn out that the Executor has underpaid or underestimated what bills need to be paid, the recipient agrees to retrun his/her share of the shortfall. This protects the Executor.

Answer

No. Go see a lawyer and get some help. This can cost you a huge amount of headache and money, if you get sued.