How long does a Creditor Have to File a Claim with the Executor of an Estate?

Before the 2005 amendments, an Executor was often well advised to obtain
an "Order Limiting Creditors" sometimes referred to as a "Rule to Bar."
Creditors would have 6 months from the date of publication of the Order
to submit their claims or be "forever barred..."

As amended, 3B:22-4 no longer requires an Order or publication.
Creditors have 9 months FROM THE DATE OF THE DECEDENT'S DEATH to submit
their claims to the P.R.  Thereafter, the P.R. is not liable to any
creditor for disbursing assets to beneficiaries.

Notice that previously, there was, in effect, a statute of limitations
actually barring claims made after 6 months from publication. Now the
statute simply exonerates the P.R. if there aren't sufficient assets
left to pay a creditor who submits a bill after 9 months. This means
that late creditors can still  get paid if the P.R. doesn't distribute
fast enough and there are enough assets left to cover the debt OR.
presumably, pursue beneficiaries who have received distributions
pro-rata. I

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Question: 1/12/07
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Category: Probate, Trusts, Wills & Estates
Location: NJ
Subject:  Estate and Inheritance Tax Waivers

Is it true that it takes 4-6 weeks after filing these in Trenton to get them returned by the State?


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Reply:
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Category: Probate, Trusts, Wills & Estates
Location: NJ
Subject:  Re: Estate and Inheritance Tax Waivers

NJ is not particularly fast in processing returns in general. Expect one to two months for all return processing.

I hope this helps!

Ron Cappuccio
www.taxesq.com

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