Legal Question in Wills and Trusts in New Jersey
I signed a Refunding Bond and Release so I could receive money for my deceased parents' house. Does this mean I am not entitled to further distribution from the estate?
Asked on 10/26/10, 7:34 pm
1 Answer from Attorneys
Ronald Cappuccio
Ronald J. Cappuccio, J.D., LL.M.(Tax)
You may be entitled to a final distribution depending on the assets and expenses of the estate. The Executor should give you a final statement ( known as an "informal accounting") showing the income, expenses and distributions. Usually, the Refunding Bonds and Releases are signed by the beneficiaries to close the estate. The Executor will typically keep a reserve if there are any tax audits or other claims. If the reserve is not used, the balance will be distributed to the beneficiaries in accordance with the Will.
I hope this helps!
Ron Cappuccio
www.SaveYourEstate.com
Answered on 11/13/10, 4:19 pm
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