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  • NJ A2857
  • Clarifies procedures for resignation, removal, and succession of fiduciaries.
Introduced
(2/16/2016)
In Committee
(2/16/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill would clarify the procedures for the resignation or removal of a fiduciary when such action is expressly permitted by a governing instrument, such as a will. The bill would additionally clarify that Surrogates may grant such applications under certain circumstances. Many governing instruments are currently drafted to include a specific provision permitting fiduciaries to resign from office or establishing the authority to discharge a fiduciary and appoint a successor. Under current law, procedures for processing applications for resignation or removal pursuant to such provisions may be unclear. This bill would establish certain standards for such applications by providing that the resignation or removal would become effective when any relevant terms in the governing instrument have been complied with, written notice is delivered to any cofiduciaries, and a successor is appointed if there is no cofiduciary authorized to continue the administration or if the governing instrument requires appointment of a successor. Additionally, the bill would expressly permit Surrogates to accept resignations and effectuate removals of fiduciaries appointed by the Surrogate when the action is authorized by the governing instrument and there is no opposition to the application by any interested person. The bill would require that certain documents be filed with the Surrogate, including a copy of the governing instrument, proof of compliance with any relevant terms in the governing instrument, and proof that notice of the intended action was sent to all interested parties by certified or registered mail at least 20 days prior to filing the action. The notice would advise the interested person of the intended action and that any objections must be provided to the Surrogate in writing within 20 days of the mailing. As used in the bill, "interested person" includes all serving fiduciaries, any successors, and any person having an interest in income or principal whom it would be necessary to join as a party in a proceeding for the judicial settlement of the fiduciary's account. Nothing in the bill would preclude a fiduciary from applying to the Superior Court for discharge as provided under current law. It is the sponsor's belief that this bill will help reduce the costs of administering estates and testamentary trusts.
Judiciary
Introduced, Referred to Assembly Judiciary Committee  (on 2/16/2016)
 
 

Date Chamber Action Description
2/16/2016 A Introduced, Referred to Assembly Judiciary Committee
Date Motion Yea Nay Other
None specified