Dad:

I got your letter. Thank you! Thanks also for the 90 Euros in cash. Definitely helpful for when we first arrive in Rome.

The noise-suppression headphones are still available on Amazon. Do you want me to order a pair for you?

The New Jersey Law Network has a FAQ page on wills, estates, etc.

I think questions and answers relevant to your question are here:

9) Do I need to file a formal accounting if I represent an estate?

The answer is no as most Estates in New Jersey are settled without formal court proceedings. A representative may, however, file an informal accounting with the court or obtain a written agreement/consent form from all of the beneficiaries to the Estate that dispenses with the accounting, approves the actions of the representative and provides for the method or manner of distribution.

13) What is the personal representative required to do?

They are required to collect and safeguard all of the assets of the Estate, pay the debts and taxes and turnover the balance of the Estate funds to the beneficiaries.

I think 9) addresses your question. If Grossmutter's estate was settled without formal court proceedings, then there seems to be no requirement for a formal accounting. The second sentence of the answer to 9) seems to apply to formal court proceedings only.

This page, listing "Executor Duties and Responsibilities", does not list a formal accounting as a duty or responsibility.

I searched around for an answer to your question, and couldn't find anything conclusive. The closest I came is the FAQ above, and this page, providing "ANSWERS TO YOUR QUESTIONS ABOUT PROBATE AND ADMINISTRATION OF AN ESTATE", which has this question:

Basically, what is the Executor/Administrator required to do?

The Executor or Administrator is, in general, required to collect and safeguard all of the assets of the estate and eventually to pay the debts of the decedent, as well as any taxes due, and be able to provide an accounting of his actions to the beneficiaries or heirs.

Note the language is "be able", not "must", and it does not talk about a formal accounting.

In conclusion, I think that if the estate was settled without formal court proceedings, as most are in New Jersey, there is no need for a formal accounting. Please let me know if there were formal court proceedings in this case.

C
- posted by Christoph Roggenkamp @ 5/17/2006 11:38:00 AM