This form is used to show that you have received your part of any estate and wish to release the Executor or Administrator from bond, if one was necessary. This form must be signed in the presence of a notary public.
New Jersey Refunding Bond & Release Form for Ocean County
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The Refunding Bond and Release has a dual purpose:Refunding To refund to the Executor or Administrator out of his/her share of the estate his ratable part of any unpaid debts, owed by the testator or intestate, if there are no other assets to pay them.
Any creditor who wishes to make a claim against the estate's assets must do so within 9 months under New Jersey law. The 9 months begins on the date of debtor's death. The executor/personal representative cannot distribute assets to beneficiaries until all claims are satisfied.
An estate can be closed in one of four fashions: (1) the funds can simply be distributed directly by the Executor or Administrator to estate beneficiaries; (2) the funds can be distributed to heir(s) after each signs a Release and Refunding Bond waiving his or her right to a formal accounting; (3) distribution can be
SURROGATE'S CERTIFICATES Additional certificates can be obtained by writing to the Surrogate's Court, providing the name of the decedent and enclosing the fee for the number of certificates requested. Certificates are usually mailed within one day of receiving a request.
Although non-indemnified executors may face potential personal liability for their work as estate trustees, the beneficiaries of estates are not obligated to sign such releases and indemnities which are presented to them before receiving any distribution of their inheritance.