reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:16-4 - Property to be included in inventory and appraisal

3B:16-4. Property to be included in inventory and appraisal
The appraisers shall make an inventory and appraisement of all the real and personal property of which the decedent died seized and possessed.
L.1981, c. 405, s. 3B:16-4, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:16-5 - Exemption for benefit of decedent's family

3B:16-5. Exemption for benefit of decedent's family
The wearing apparel of any person who shall die leaving a family residing in this State, and his personal property to the value of $5,000.00, shall be reserved to and for the use of his family against all creditors, and before any distribution or other disposition thereof. This section and N.J.S. 3B:16-3 and N.J.S. 3B:16-7 of this title shall not be permitted to conflict with the will of the decedent. Every person residing in this State at the time of his death and leaving surviving him a widow or child who shall reside in his family at his death, shall be deemed to have left a family entitled to the benefits of this section.
L.1981, c. 405, s. 3B:16-5, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:16-6 - Proof of inventory and exempt list

3B:16-6. Proof of inventory and exempt list
The inventory of a personal representative which is to be filed, shall be proved by his oath that it is just and true, and by the oath of the appraisers, or one of them, that the real and personal property specified in the inventory was appraised at its just and true values according to their or his best judgment. If only one of the appraisers be sworn it shall be added that the other appraiser was present at the same time and consented to the valuation and appraisal. The oaths shall be taken before any person qualified to administer oaths in this State and shall be indorsed on the inventory filed with the surrogate or clerk of the Superior Court, as the case may be.
If personal property of the decedent shall have been set off for the benefit of the family, the executor or administrator shall also verify by his oath the list of property selected and file the list with the inventory.
L.1981, c. 405, s. 3B:16-6, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:16-7 - Selection of property to be exempted

3B:16-7. Selection of property to be exempted
From the completed inventory, the widow of the decedent, or his personal representative may select personal property to the value of $5,000.00 and a list of the property selected shall be annexed to the inventory. Personal property so selected shall thereupon become the property of the family and remain for their use.
L.1981, c. 405, s. 3B:16-7, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:16-8 - Guardian to file inventory of estate of minor or person who is incapacitated.

3B:16-8 Guardian to file inventory of estate of minor or person who is incapacitated.
3B:16-8. Every guardian of the estate of a minor or a person who is incapacitated may, and if required by the court shall, file with the surrogate of the proper county or the clerk of the Superior Court an inventory, under oath, of all the real and personal property which is in the control, possession, or knowledge of the guardian or any other person on the guardian's behalf. The court shall not require an inventory and appraisal to be filed until three months have elapsed after the grant of letters.
amended 2013, c.103, s.49.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-1 - Filing of release or discharge.

3B:17-1 Filing of release or discharge.
3B:17-1. A fiduciary need not render or settle an account if the fiduciary files with the court a release or discharge from the beneficiary, ward, or cestui que trust who has reached majority and is not incapacitated.
The release or discharge shall be executed and acknowledged as provided for deeds of real estate to be recorded.
amended 2013, c.103, s.50.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-2 - Accounts of personal representatives

3B:17-2. Accounts of personal representatives
A personal representative may settle his account or be required to settle his account in the Superior Court. Unless for special cause shown, he shall not be required to account until after the expiration of 1 year after his appointment.
L.1981, c. 405, s. 3B:17-2, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-3 - Accounts of guardians and trustees

3B:17-3. Accounts of guardians and trustees
A guardian or trustee shall settle his account in the Superior Court at intervals as the court may require. A guardian or trustee may settle his first account within 1 year after his appointment or as soon thereafter as may be practicable.
L.1981, c. 405, s. 3B:17-3, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-4 - Account and bond required of cofiduciary

3B:17-4. Account and bond required of cofiduciary
Upon good cause shown, the Superior Court may order each cofiduciary to account for all assets which may have come into his hands.
The Superior Court may also require a fiduciary to give bond, in a sum and with sureties to be approved by the court, to each of his cofiduciaries to indemnify them against loss due to his neglect, default or breach of trust or to give a like bond to the Superior Court, conditioned for the faithful performance of his duties as a fiduciary and the proper disposition of all assets then in, or thereafter to come into, his hands.
L.1981, c. 405, s. 3B:17-4, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-5 - Account by representative of deceased fiduciary

3B:17-5. Account by representative of deceased fiduciary
When a fiduciary dies without having filed an account or having fully settled and obtained an allowance of an account of the administration of the estate that has come into his hands, his legal representative may settle the account.
L.1981, c. 405, s. 3B:17-5, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-6 - Examination of accountant on exceptions to account

3B:17-6. Examination of accountant on exceptions to account
On exceptions to an account of a fiduciary, the court or any party interested therein may examine the accountant, on oath, concerning the truth and fairness of the account.
L.1981, c. 405, s. 3B:17-6, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-7 - Statements or information regarding assets as part of account

3B:17-7. Statements or information regarding assets as part of account
When, in an account, or in a complaint in an action for the settlement of an account, or in any writing annexed to the complaint or account, there appear lists of or statements or information as to the investments or other assets in a fiduciary's hands at the close of, or during, the period covered by the account or as to changes made in investments or other assets during that period, or there appear allegations or information as to other matters done or omitted by the fiduciary during the period, the complaint and the writing, statements, lists, information and allegations shall be deemed to be part of the account.
L.1981, c. 405, s. 3B:17-7, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-8 - Effect of judgment allowing account

3B:17-8. Effect of judgment allowing account
A judgment allowing an account, including a guardian's intermediate account, after due notice, shall be res adjudicata as to all exceptions which could or might have been taken to the account, and shall constitute an approval of the correctness and propriety of the account, the legality and propriety of the investments and other assets, the legality and propriety of the changes in investments or other assets, and the legality and propriety of other matters, and also shall exonerate and discharge the fiduciary from all claims of all interested parties and of those in privity with or represented by interested parties except:
a. For the investments and other assets in the fiduciary's hands at the close of the period covered by the account, and assets which may come into his hands after the close of the account;
b. Insofar as exceptions to the account shall be taken and sustained; and
c. As relief may be had from a judgment in any civil action.
L.1981, c. 405, s. 3B:17-8, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-9 - Nontestamentary trustee defined

3B:17-9. Nontestamentary trustee defined
As used in this article, "nontestamentary trustee" means any owner of real or personal property who holds title thereto subject to equitable duties to deal with the property for the benefit of another or others arising from an express intention to create those duties manifested in writing otherwise than by a will or other testamentary disposition of property.
L.1981, c. 405, s. 3B:17-9, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-10 - Settling accounts in the Superior Court

3B:17-10. Settling accounts in the Superior Court
A nontestamentary trustee shall have the right, in addition to and not in limitation of any other remedy now or hereafter provided, from time to time to settle his intermediate and final accounts in the Superior Court.
L.1981, c. 405, s. 3B:17-10, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-11 - Surrogate's fees

3B:17-11. Surrogate's fees
The surrogate and the Clerk of the Superior Court shall receive for filing, auditing, and reporting to the court the accounts of nontestamentary trustees the same fees as are now or may hereafter be provided by law in the case of accountings by other fiduciaries.
L.1981, c. 405, s. 3B:17-11, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-12 - Fiduciary, receiver or assignee; rental of safe deposit box; expenses of safe-keeping of securities

3B:17-12. Fiduciary, receiver or assignee; rental of safe deposit box; expenses of safe-keeping of securities
A fiduciary, receiver or assignee for the benefit of creditors may include as a part of the lawful expense of executing his trust a reasonable sum paid to a bank, trust company or safe deposit company organized under the laws of this State, or to a national bank doing business in this State, for safe deposit box rental for the safe-keeping or custody of the securities of the trust, as may be allowed by the court. A fiduciary, receiver or assignee for the benefit of creditors who holds under a lease or owns a vault within this State may include as a part of the lawful expense of executing his trust a reasonable sum for the safe-keeping of the securities and other property of the trust in the vault as may be allowed by the court.
L.1981, c. 405, s. 3B:17-12, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:17-13 - Effect of nonjudicial settlement or waiver of account.

3B:17-13 Effect of nonjudicial settlement or waiver of account.
81. Unless the governing instrument expressly provides otherwise, an instrument settling or waiving an account, executed by all persons whom it would be necessary to join as parties in a proceeding for the judicial settlement of the account, shall be binding and conclusive on all other persons who may have a future interest in the property to the same extent as that instrument binds the person who executed it.
L.2004,c.132,s.81.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-2 - Commissions of nontestamentary trustee

3B:18-2. Commissions of nontestamentary trustee
On the settlement of the account of a nontestamentary trustee, as defined in N.J.S. 3B:17-9, the court shall allow him the compensation as may have been agreed upon by the instrument creating the trust; and in the absence of any express provision concerning compensation, shall allow him commissions in accordance with this chapter.
L.1981, c. 405, s. 3B:18-2, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-3 - Provision in will for specific compensation

3B:18-3. Provision in will for specific compensation
Where provision is made in a will for specific compensation to a fiduciary, the compensation shall be deemed full payment for services in lieu of commissions provided by this chapter, unless the fiduciary shall in writing filed with the surrogate or clerk of the Superior Court renounce the specific compensation.
L.1981, c. 405, s. 3B:18-3, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-4 - Disputes between fiduciaries as to apportionment

3B:18-4. Disputes between fiduciaries as to apportionment
When a difference arises between fiduciaries concerning the apportionment of commissions between them, the Superior Court shall determine the apportionment of commissions, having regard to their respective services.
L.1981, c. 405, s. 3B:18-4, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-5 - Fiduciary removed from office; forfeiture of commissions

3B:18-5. Fiduciary removed from office; forfeiture of commissions
Where a fiduciary is removed for any cause, the Superior Court may direct that his commissions be forfeited.
L.1981, c. 405, s. 3B:18-5, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-6 - Legal fees for attorney also serving as fiduciary

3B:18-6. Legal fees for attorney also serving as fiduciary
If the fiduciary is a duly licensed attorney of this State and shall have performed professional services in addition to his fiduciary duties, the court shall, in addition to the commissions provided by this chapter, allow him a just counsel fee. If more than one fiduciary shall have performed the professional services, the court shall apportion the fee among them according to the services rendered by them respectively.
L.1981, c. 405, s. 3B:18-6, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-7 - Annual statement relating to corpus commissions taken

3B:18-7. Annual statement relating to corpus commissions taken
A trustee under a will or a guardian shall, within 60 days after the end of each tax year of the trust or guardianship furnish to each beneficiary currently receiving income, and to any other beneficiary interested in the income and to any person interested in the principal of the trust or guardianship who shall make a demand therefor, a statement showing any corpus commissions taken during the tax year and the basis upon which those commissions were computed, including the inventory value and value as of the date the commissions were computed.
L.1981, c. 405, s. 3B:18-7, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-8 - Definitions

3B:18-8. Definitions
As used in this article:
a. "Fiduciary" means executor, administrator with the will annexed, substituted administrator with the will annexed, administrator, substituted administrator, or trustee or substituted trustee under a will of a decedent;
b. "Property" means any property, real or personal, tangible or intangible, or any interest or estate therein, which does not come into the hands of a fiduciary as part of a decedent's estate, and which, by operation of law or otherwise, has been received or is receivable by anyone other than the fiduciary, and which a taxing authority attempts to tax or does tax, as a decedent's taxable estate, or as part of a decedent's taxable estate, for the purposes of Federal estate tax, New Jersey estate tax, other state or foreign estate taxes, or New Jersey or other state or foreign transfer inheritance, legacy or succession taxes.
L.1981, c. 405, s. 3B:18-8, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-9 - Additional compensation

3B:18-9. Additional compensation
The court upon the settlement and allowance of a fiduciary's accounts, in addition to the compensation as may otherwise be allowable, may allow reasonable compensation to the fiduciary for services required by law to be rendered by the fiduciary in connection with or arising out of any property as defined in N.J.S. 3B:18-8, including, but not by way of limitation, services rendered in connection with apportionment of any taxes specified in N.J.S. 3B:18-8 between a decedent's estate and the recipient of the property, or between the decedent's estate and the property, and in collecting or attempting to collect, the apportionment of the taxes applicable to the property.
L.1981, c. 405, s. 3B:18-9, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-10 - Notice to recipient of property

3B:18-10. Notice to recipient of property
The court shall prescribe the notice to be given to the recipient of the property of the fiduciary's application for additional compensation.
L.1981, c. 405, s. 3B:18-10, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-11 - Manner of payment of additional compensation

3B:18-11. Manner of payment of additional compensation
The additional compensation of the fiduciary shall be payable by the recipient of the property if the recipient is within the jurisdiction of the court, or if the recipient is not within the jurisdiction of the court, shall be payable out of the property, if the property is within the jurisdiction of the court. If the recipient of the property is not within the jurisdiction of the court and if the property is not within the jurisdiction of the court, or if the fiduciary does not succeed in collecting the additional fiduciary's compensation from the recipient of the property or out of the property, the court may order the fiduciary's additional compensation to be paid out of the corpus of the decedent's estate which comes into the hands of the fiduciary.
L.1981, c. 405, s. 3B:18-11, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-12 - Definition of fiduciary

3B:18-12. Definition of fiduciary
As used in this article "fiduciary" means personal representative and fiduciaries appointed under chapter 26 of this title for absentees.
L.1981, c. 405, s. 3B:18-12, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-13 - Income commissions

3B:18-13. Income commissions
Commissions in the amount of 6% may be taken without court allowance on all income received by the fiduciary. For the purposes of this section, income which is withheld from payment to a fiduciary or fiduciaries pursuant to any law of this State, or of the United States, or any other state, country or sovereignty, or of any political subdivision or governmental unit of any of the foregoing, requiring the withholding for income tax or other tax purposes, shall be deemed to be income received by the fiduciary, and shall be subject to income commissions as provided in this section in the same manner as if actually received by the fiduciary.
L.1981, c. 405, s. 3B:18-13, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-14 - Corpus commissions.

3B:18-14 Corpus commissions.
3B:18-14. Corpus commissions. Commissions on all corpus received by the fiduciary may be taken as follows:
5% on the first $200,000 of all corpus received by the fiduciary;
3.5% on the excess over $200,000 up to $1,000,000;
2% on the excess over $1,000,000; and
1% of all corpus for each additional fiduciary provided that no one fiduciary shall be entitled to any greater commission than that which would be allowed if there were but one fiduciary involved.
Such commissions may be reduced by the court having jurisdiction over the estate only upon application by a beneficiary adversely affected upon an affirmative showing that the services rendered were materially deficient or that the actual pains, trouble and risk of the fiduciary in settling the estate were substantially less than generally required for estates of comparable size.
Amended 1983, c.394, s.1; 2000, c.29, s.1.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-16 - Corpus commissions; unusual or extraordinary services

3B:18-16. Corpus commissions; unusual or extraordinary services
The court may, on an intermediate or the final settlement of the fiduciary's accounts, allow corpus commissions in addition to those hereinabove provided, on a showing that unusual or extraordinary services have been rendered by the fiduciary for which the fiduciary should receive extra compensation.
L.1981, c. 405, s. 3B:18-16, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-17 - Taking annual amounts on account of corpus commissions

3B:18-17. Taking annual amounts on account of corpus commissions
Fiduciaries may annually, without court allowance, take sums as follows on account of corpus commissions: if there is but one fiduciary, the amount so taken may equal one-fifth of 1% of the value of the corpus and, if there are two or more fiduciaries, the amount so taken may equal the commissions which may be taken pursuant to this section when there is but one fiduciary, plus one-fifth of the commissions for each fiduciary more than one.
L.1981, c. 405, s. 3B:18-17, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-18 - Value of assets for computing commissions taken annually

3B:18-18. Value of assets for computing commissions taken annually
In computing the amount of commissions which may be taken annually pursuant to N.J.S. 3B:18-17, the value of any item of corpus at the time when the item is received by the fiduciary, referred to in this section as the "presumptive value" of the item, may be used as the value of the item, or, at the option of the fiduciary, the value of the item at the end of the period for which the commissions are taken may be used.
L.1981, c. 405, s. 3B:18-18, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-19 - Failure to take commissions annually shall not constitute a waiver thereof

3B:18-19. Failure to take commissions annually shall not constitute a waiver thereof
The failure of a fiduciary to take commissions in any year as provided in N.J.S. 3B:18-17 shall not constitute a waiver of the right of the fiduciary to take in a subsequent year the commissions not taken for that year.
L.1981, c. 405, s. 3B:18-19, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-20 - Corpus commissions taken annually subject to review

3B:18-20. Corpus commissions taken annually subject to review
Commissions taken as provided in N.J.S. 3B:18-17 shall be subject to review on intermediate and final accountings, and to the extent that aggregate commissions so taken exceed the commissions allowable under N.J.S. 3B:18-14 and N.J.S. 3B:18-15, they may be disallowed.
L.1981, c. 405, s. 3B:18-20, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-21 - Burden of proving value

3B:18-21. Burden of proving value
In the event of a dispute as to the value of corpus on the settlement of the account of a fiduciary, the burden of proving that the value of any item of corpus differs from the presumptive value of the item shall be upon the fiduciary or other party claiming the difference.
L.1981, c. 405, s. 3B:18-21, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-22 - When rates for corpus commissions taken annually effective

3B:18-22. When rates for corpus commissions taken annually effective
With respect to a fiduciary's annual corpus commissions, the rates set forth in this article shall apply for all yearly periods ending after February 29, 1980.
L.1981, c. 405, s. 3B:18-22, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-23 - "Fiduciary" defined

3B:18-23. "Fiduciary" defined
As used in this article "fiduciary" means a trustee acting under a will, a nontestamentary trustee as defined in N.J.S. 3B:17-9 or a guardian.
L. 1981, c. 405, s. 3B:18-23, eff. May 1, 1982. Amended by L. 1985, c. 434, s. 1, eff. Jan. 13, 1986.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-24 - Income commissions

3B:18-24. Income commissions
Commissions in the amount of 6% may be taken without court allowance on all income received by the fiduciary. For the purposes of this section, income which is withheld from payment to the fiduciary pursuant to any law of this State, or of the United States, or any other state, country or sovereignty or of any political subdivision or governmental unit of any of the foregoing, for income tax or other tax purposes, shall be deemed to be income received by the fiduciary, and shall be subject to income commissions as if actually received by the fiduciary.
L.1981, c. 405, s. 3B:18-24, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-25 - Fiduciaries may take annual commissions on corpus

3B:18-25. Fiduciaries may take annual commissions on corpus
3B:18-25. a. Fiduciaries may annually, without court allowance, take commissions on corpus (including accumulated income which has been invested by the fiduciary) in the amount of $5.00 per thousand dollars of corpus value on the first $400,000.00 of value of corpus and $3.00 per thousand dollars of the corpus value in excess of $400,000.00.
b. Notwithstanding the provisions of subsection a. of this section, if the fiduciary is a banking institution, foreign bank or savings and loan association authorized to exercise fiduciary powers, the fiduciary shall be entitled to such commissions as may be reasonable.
c. Notwithstanding the provisions of subsection a. of this section, a fiduciary may take a minimum commission of $100.00 annually.
d. The value of the corpus for the purpose of this section shall be the "presumptive value" as defined in N.J.S.3B:18-18 or, at the option of the fiduciary, the value at the end of the period.
e. Upon application of a person interested in the trust or guardianship, a court may review the reasonableness of the commissions of the fiduciary, provided, however, the fiduciary shall be entitled to receive at least the compensation provided for all fiduciaries as set forth in subsections a. and c. of this section.
Amended 1988, c.165; 1999, c.159, s.11.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-25.1 - Taking annual amount on accounts of corpus commissions: two or more fiduciaries

3B:18-25.1. Taking annual amount on accounts of corpus commissions: two or more fiduciaries
Taking annual amount on accounts of corpus commissions: two or more fiduciaries. If there are two or more fiduciaries, the amount of the annual commissions taken pursuant to N.J.S. 3B:18-25 may equal the commissions which may be taken pursuant to that section when there is but one fiduciary, plus one-fifth of the commissions for each fiduciary more than one. No one fiduciary shall be entitled to any greater commission than that which would be allowed if there were but one fiduciary involved.
L. 1989, c. 7, s. 1.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-25.2 - Powers of qualified bank; duties of agent

3B:18-25.2. Powers of qualified bank; duties of agent
12. a. Notwithstanding any law to the contrary, a qualified bank acting in any capacity authorized pursuant to section 28 of P.L.1948, c.67 (C. 17:9A-28) on behalf of a trust or estate may employ and pay reasonable compensation to any person, including attorneys, auditors, investment advisers or other agents, even if they are affiliated or associated with the qualified bank, to advise or assist the qualified bank in the performance of any of its administrative duties, whether or not discretionary, and to act without independent investigation upon their recommendation, so long as the qualified bank exercises care, skill, and caution in: selecting the agent; establishing the scope and terms of the agent's duties consistent with the purpose and terms of the governing trust instrument; and periodically reviewing the agent's actions in order to monitor the agent's performance. A qualified bank that delegates investment functions to an investment adviser shall also comply with the requirements of sections 8 and 10 of P.L.1997, c.26 (C.3B:20-11.8 and 3B:20-11.10).
b. In performing any agency function, the agent shall owe to the qualified bank and the beneficiaries the same duties as the qualified bank and shall be held to the same fiduciary standards as the qualified bank.
c. In the absence of express contrary provisions in the trust instrument, a qualified bank which employs an agent other than an investment adviser or investment manager, may pay the agent from the fiduciary fund if the qualified bank reasonably believes in the exercise of its discretion that such an arrangement is in the best interests of all interested persons and will improve the efficiency of the administration of the fiduciary fund. In the absence of express contrary provisions in the trust instrument, a qualified bank which delegates investment and trust asset management functions to an investment adviser or an investment manager shall comply with the cost control and other requirements of sections 8 and 10 of P.L.1997, c.26 (C.3B:20-11.8 and 3B:20-11.10).
d. A qualified bank which substantially complies with the requirements of subsections a. and c. of this section shall not be liable to the beneficiaries or to the trust or estate for the decisions or actions of the agent, and shall not, solely by reason of the delegation, be deemed to engage in acts of self-dealing or a conflict of interest.
e. By accepting an appointment as agent from a qualified bank acting as a fiduciary of a trust or estate that is subject to the law of New Jersey, the agent submits to the jurisdiction of the courts of New Jersey, even if the agency agreement provides otherwise.
L.1999,c.159,s.12.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-26 - Failure to take commissions annually shall not constitute a waiver thereof

3B:18-26. Failure to take commissions annually shall not constitute a waiver thereof
The failure of a fiduciary to take commissions in any year shall not constitute a waiver by the fiduciary to take in a subsequent year the commissions not taken for that year.
L.1981, c. 405, s. 3B:18-26, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-27 - Commissions taken annually subject to review

3B:18-27. Commissions taken annually subject to review
Commissions taken as provided in N.J.S. 3B:18-25 shall be subject to review on intermediate and final accountings, and to the extent that aggregate commissions so taken exceed the commissions allowable under this article, they may be disallowed.
L.1981, c. 405, s. 3B:18-27, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-28 - Corpus commissions on termination of trust, guardianship or upon distribution of assets

3B:18-28. Corpus commissions on termination of trust, guardianship or upon distribution of assets
In addition to the annual commissions on corpus, upon termination of the trust or guardianship, or upon distribution of assets from the trust or guardianship, the fiduciary may take a commission on corpus distributed, including accumulated income which has been invested by the fiduciary. The value of the corpus for the purpose of computing the commissions shall be the "presumptive value" or, at the option of the fiduciary, the value at the time of distribution, as defined in N.J.S. 3B:18-18. The amounts of the commissions to be taken are as follows:
a. If the distribution of corpus occurs within 5 years of the date when the corpus is received by the fiduciary, an amount equal to the annual commissions on corpus authorized pursuant to N.J.S. 3B:18-25, but not actually taken by the fiduciary, plus an amount equal to 2% of the value of the corpus distributed;
b. If distribution of the corpus occurs between 5 and 10 years of the date when the corpus is received by the fiduciary, an amount equal to the annual commissions on corpus authorized pursuant to N.J.S. 3B:18-25, but not actually received by the fiduciary, plus an amount equal to 1 1/2 % of the value of the corpus distributed;
c. If the distribution of corpus occurs more than 10 years after the date the corpus is received by the fiduciary, an amount equal to the annual commissions on corpus authorized pursuant to N.J.S. 3B:18-25, but not actually received by the fiduciary, plus an amount equal to 1% of the value of the corpus distributed; and
d. If there are two or more fiduciaries, their corpus commissions shall be the same as for a single fiduciary plus an additional amount of one-fifth of the commissions for each additional fiduciary.
L.1981, c. 405, s. 3B:18-28, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-29 - Corpus commissions; unusual or extraordinary services

3B:18-29. Corpus commissions; unusual or extraordinary services
The court may, on an intermediate or the final settlement of fiduciaries' accounts, allow corpus commissions in addition to those provided in this article, on a showing that unusual or extraordinary services have been rendered by the fiduciary for which he should receive additional compensation.
L.1981, c. 405, s. 3B:18-29, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-30 - Burden of proving value

3B:18-30. Burden of proving value
In the event of a dispute as to the value of corpus on the settlement of the account of a fiduciary, the burden of proving that the value of any item of corpus differs from the presumptive value of the item shall be upon the party claiming the difference.
L.1981, c. 405, s. 3B:18-30, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-31 - Authorization in testator's will as to commissions exceeding legal rates

3B:18-31. Authorization in testator's will as to commissions exceeding legal rates
No commissions in excess of those authorized in this article shall be paid to a fiduciary acting as a trustee under a will unless the testator, in his last will acknowledges that he is aware of the commissions specified in this article and expressly authorizes payment of commissions in excess thereof. The absence of an express authorization to pay excess commissions shall not preclude the court from allowing commissions as provided in N.J.S. 3B:18-29.
L.1981, c. 405, s. 3B:18-31, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-32 - When rates for corpus commissions taken annually effective

3B:18-32. When rates for corpus commissions taken annually effective
With respect to fiduciaries' annual corpus commissions, the rates set forth in this article shall apply for all annual periods ending after February 29, 1980.
L.1981, c. 405, s. 3B:18-32, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:18-33 - When rates of corpus commissions on termination of trusts or guardianship effective

3B:18-33. When rates of corpus commissions on termination of trusts or guardianship effective
With respect to the computation of corpus commissions pursuant to N.J.S. 3B:18-28 as to all corpus held by a fiduciary on February 29, 1980, the commissions which may be taken shall be the greater of (i) the commission permitted by law effective prior to February 29, 1980, or (ii) the commission computed pursuant to N.J.S. 3B:18-28; provided that the "annual commissions authorized" to be take for yearly periods ending prior to February 29, 1980, shall be at the rate authorized by the applicable law in effect during that yearly period.
L.1981, c. 405, s. 3B:18-33, eff. May 1, 1982. Amended by L.1983, c. 394, s. 3, eff. Dec. 14, 1983.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:19B-2 - Definitions

3B:19B-2. Definitions
2. Definitions. As used in this act:
"Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.
"Beneficiary" includes, in the case of a decedent's estate, an heir, legatee and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.
"Fiduciary" means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function.
"Income" means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in sections 10 through 23 of this act.
"Income beneficiary" means a person to whom net income of a trust is or may be payable.
"Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.
"Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.
"Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this act to or from income during the period.
"Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity.
"Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates.
"Remainder beneficiary" means a person entitled to receive principal when an income interest ends.
"Terms of a trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.
"Trustee" includes an original, additional or successor trustee, whether or not appointed or confirmed by a court.
L.2001,c.212,s.2.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:19B-3 - Fiduciary duties; general principles

3B:19B-3. Fiduciary duties; general principles
3. Fiduciary Duties; General Principles. a. In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of sections 5 through 9 of this act, a fiduciary:
(1) shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this act;
(2) may administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this act;
(3) shall administer a trust or estate in accordance with this act if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and
(4) shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this act do not provide a rule for allocating the receipt or disbursement to or between principal and income.
b. A fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries.
L.2001,c.212,s.3.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:19B-6 - Distribution to residuary and remainder beneficiaries

3B:19B-6. Distribution to residuary and remainder beneficiaries
6. Distribution to Residuary and Remainder Beneficiaries. a. Each beneficiary described in subsection d. of section 5 of this act is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date.
b. In determining a beneficiary's share of net income, the following rules apply:
(1) The beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold to meet principal obligations.
(2) The beneficiary's fractional interest in the undistributed principal assets shall be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts not in trust.
(3) The beneficiary's fractional interest in the undistributed principal assets shall be calculated on the basis of the aggregate value of those assets as of the distribution date without reducing the value by any unpaid principal obligation.
(4) The distribution date for purposes of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed.
c. If a fiduciary does not distribute all of the collected but undistributed net income to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income.
d. A fiduciary may apply the rules in this section, to the extent that the fiduciary considers it appropriate, to net gain or loss realized after the date of death or terminating event or earlier distribution date from the disposition of a principal asset if this section applies to the income from the asset.
L.2001,c.212,s.6.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:19B-7 - When right to income begins and ends

3B:19B-7. When right to income begins and ends
7. When Right to Income Begins and Ends.
a. An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.
b. An asset becomes subject to a trust:
(1) on the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;
(2) on the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or
(3) on the date of an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death.
c. An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection d. of this section, even if there is an intervening period of administration to wind up the preceding income interest.
d. An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.
L.2001,c.212,s.7.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:19B-8 - Apportionment of receipts and disbursements when decedent dies or income interest begins

3B:19B-8. Apportionment of receipts and disbursements when decedent dies or income interest begins
8. Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins. a. A trustee shall allocate an income receipt or disbursement, other than one to which subsection a. of section 5 of this act applies, to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest.
b. A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement shall be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins shall be allocated to principal and the balance shall be allocated to income.
c. An item of income or an obligation is due on the date the payer is required to make a payment. If a payment date is not stated, there is no due date for the purposes of this act. Distributions to shareholders or other owners from an entity to which section 10 of this act applies are deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that are to be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.
L.2001,c.212,s.8.