QUESTION

How long should it take to receive a check after signing a refunding bond and release?

Asked on Dec 29th, 2014 on Wills and Probate - New Jersey
More details to this question:
My mother is due to receive a check for the settlement of an estate. This attorney who was the executor and handling the estate took four years to track down the beneficiaries (actually one of the beneficiaries did it for him). He recently sent out the Refunding Bond and Release form which we have returned to his office certified mail. When I questioned how long it would take to receive the check, the attorney stated that he needed all the refunding bond documents from all beneficiaries returned before releasing the check. Can you tell me if that statement is accurate? He already stated the amount she would be receiving so I'm a little confused why he needs to wait for everyone else's forms. Thanks for any info you can give me.
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1 ANSWER

Elder Law Attorney serving Toms River, NJ
Partner at Diana L. Anderson
2 Awards
If there are a lot of beneficiaries, I always wait until I get all of the release and refunding bonds back before I distribute.  If one person disagrees, it could throw the whole estate off, and require a lot of expenses that would reduce the overall distribution to everyone else.  It is much better to wait, and be sure that everyone will sign and is not going to challenge the distribution, than to make a distribution and then have to ask to have it returned.  
Answered on Dec 29th, 2014 at 3:35 PM

Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship

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