Authorizes trustee of trust, under certain circumstances, to terminate service without filing formal accounting with court or obtaining release agreements from beneficiaries.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill would allow trustees of trusts in New Jersey to end their service without going through the usual legal process of filing a detailed accounting with the court and securing releases from all beneficiaries. Currently, trustees must follow a specific procedure involving court oversight and beneficiary consent. This change would provide trustees with more flexibility in certain situations, particularly when trust assets are small or there are few beneficiaries. However, the bill outlines specific circumstances under which this streamlined termination process is permitted.
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