=========== Question:
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Category: Probate, Trusts, Wills & Estates
Location: NJ
Subject: Refunding Bond and Release
In 2003 I received assets from my mother's estate. Two of the assets, rental
buildings went into an S corp. with me and my two brothers as shareholders. At
the time of distribution I did not receive a refunding bond and release.
Recently, I received a letter from the executor's attorney asking me to sign a
refunding bond and release. There have been some issues with the handling of
the estate. Do I have to sign the refunding bond and release? What happens if
I do not sign the refunding bond and release? Can I just sign the refunding
bond and not sign the release?
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Category: Probate, Trusts, Wills & Estates
Location: NJ
Subject: Re: Refunding Bond and Release
You should hire an estate attorney to review the estate and the accounting. The
Refunding Bond and Release has two purposes. The Refunding portion obligates you
to pay back what you received from the estate if demanded by the executor or
creditor of the estate. The Release eliminates your rights to make claims
against the executor. If you and your attorney decide that it is best for you
not to sign the Refunding Bond and Release, then a formal accounting will be
filed in court and your attorney can file your objections.
I hope this helps!
Ron Cappuccio
=========== Question:
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Category: Probate, Trusts, Wills & Estates
Location: NJ
Subject: Power of Attorney
My brother has Power of Attorney and is paying my mothers bills out of her bank
account. She is now in the hospital and trying to get on Medicare. I want to
know because of the POA is my brother responsible for her bill in the event of
her death
=========== Reply:
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Category: Probate, Trusts, Wills & Estates
Location: NJ
Subject: Re: Power of Attorney
A Power of Attorney is only valid during the grantor's life. Once your mother
dies, the Power of Attorney is automatically terminated. The person designated
as Executor in your Mother's will would have the responsibility for administering
the estate.
