New Jersey Compromise of Creditor's Claim against Estate by Payment of Cash and Conveying of Real Property

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Generally speaking, any creditors of a decedent at the time of his death can file a claim against the decedent's estate. The executor of the estate has a duty to pay any creditors that make a legitimate claim against the estate before distributing assets to the decedent's heirs. The process the estate goes through probate and how creditors are allowed to file claims is governed by state law.

This form is a settlement of certain claims against the estate.

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  • Preview Compromise of Creditor's Claim against Estate by Payment of Cash and Conveying of Real Property
  • Preview Compromise of Creditor's Claim against Estate by Payment of Cash and Conveying of Real Property
  • Preview Compromise of Creditor's Claim against Estate by Payment of Cash and Conveying of Real Property

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FAQ

I mentioned that you can legally close an estate without an accounting to beneficiaries. New Jersey probate law allows beneficiaries, however, the right to demand an accounting regarding the affairs and transactions of the estate.

As a beneficiary, you are entitled to review the trust's records including bank statements, the checking account ledger, receipts, invoices, etc. Before the trust administration is complete, it is recommended you request and review the trust's records which support the accounting.

New Jersey probate law requires that the executor must act in the best interests of the estate and the beneficiaries. After the will is probated, the executor must provide formal notice of the probate to the beneficiaries named in the will and the deceased person's next of kin.

Beneficiary rules Once an account owner assigns a beneficiary, the beneficiary only has access to the account upon the owner's death. The account owner may also remove or change who they designate at any time. Assigning a beneficiary doesn't override survivorship.

Beneficiaries have the right to be informed As a beneficiary, you are entitled to have an accounting from the executor, also known as a personal representative or fiduciary.

NJ Specifics If a debt becomes known after the 9-month deadline, the executor has no obligation to resolve it, unless there are still remaining undistributed funds and the court, for good cause, directs the executor to do so (see NJ Rev Stat § 3B:22-14).

The Estate Settlement Timeline: While there is no specific deadline for this in New Jersey law, it is generally best to do so within a month to prevent unnecessary delays in the probate process.

Creditors of the decedent shall present their claims to the personal representative of the decedent's estate in writing and under oath, specifying the amount claimed and the particulars of the claim, within nine months from the date of the decedent's death.

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New Jersey Compromise of Creditor's Claim against Estate by Payment of Cash and Conveying of Real Property