Title 3B, Title 3B: ADMINISTRATION OF ESTATES--DECEDENTS AND OTHERS

3B:11-13. Construction of article This article shall be so construed as to enable split-interest trusts and private foundation trusts to qualify for the maximum tax exemptions available to those trusts under the Internal Revenue Code of 1954 as amended. L.1981, c. 405, s. 3B:11-1…

3B:11-14. Power of courts or Attorney General not impaired by article Nothing in this article shall impair the power conferred by law upon the courts or the Attorney General of this State with respect to any trust subject to the provisions of this article. L.1981, c. 405, s. 3B:1…

3B:11-15. Application of article This article shall apply to all trusts, as defined herein, whether created before or after December 13, 1971. L.1981, c. 405, s. 3B:11-15, eff. May 1, 1982.

3B:11-16. Pooled trust accounts 1. Prepaid funeral expense moneys used to fund a prepaid funeral agreement may be deposited into a pooled trust account in a federally insured State or federally chartered bank, savings bank or savings and loan association pursuant to a written tru…

3B:11-16.1. Definitions used in C.3B:11-16 et al. 22. As used in P.L.1985, c.147 (C.3B:11-16 et al.): "Assigned funeral insurance policy" means any insurance policy or annuity contract that is not a newly issued funeral insurance policy, but that, at the time an assignment was ma…

3B:11-17. Trustees' commission 2. The trustees of a pooled trust fund established pursuant to section 1 of this act for the benefit of not less than 200 purchasers or intended funeral recipients shall be entitled to a commission of not more than 1% per annum of the corpus of the …

3B:11-18. Report; rules, regulations The Commissioner of Banking shall determine whether, among pooled trust funds established pursuant to this act, adequate competition exists with respect to interest rate yield and commissions or fees charged during the one year period followin…

3B:11-19. Short title This act shall be known and may be cited as the "New Jersey Community Trust for Persons with Severe Chronic Disabilities Act." L. 1985, c. 424, s. 1.

3B:11-2. Letters of trusteeship under a will A testamentary trustee or substituted testamentary trustee, before exercising the authority vested in him by virtue of any will admitted to probate by the Superior Court, or any surrogate's court of this State, shall obtain letters of …

3B:11-20. Findings The Legislature finds that it is in the public interest to encourage activities by voluntary associations and private citizens which will supplement and augment those services provided by local, State, and federal government agencies in discharge of their respo…

3B:11-21. Purposes, policies. 3. This act shall be liberally construed and applied to promote its underlying purposes and policies, which are among others to: a. encourage the orderly establishment of community trusts for the benefit of persons with severe chronic disabilities; b…

3B:11-22. Definitions. 4. As used in P.L.1985, c.424 (C.3B:11-19 et seq.): a. "Beneficiary" means any person with a severe chronic disability who has qualified as a member of the community trust program and who has the right to receive those services and benefits of the community…

3B:11-23. Nonprofit corporations This act shall apply to every community trust established in this State after the effective date of this act. In addition to meeting the other requirements of the act, every board which administers a community trust shall incorporate as a nonprofi…

3B:11-24. Board 6. Every community trust shall be administered by a board. The board shall be comprised of no less than nine and no more than 21 members, at least one-third of whom shall be parents or relatives of persons with severe chronic disabilities. Board members shall be s…

3B:11-25. No compensation Notwithstanding any other provision of law to the contrary, no trustee may be compensated for services provided as a member of the board of a community trust. No fees or commissions shall be paid to these trustees; however, a trustee may be paid for nece…

3B:11-26. Bylaws The board shall adopt bylaws which shall include a declaration delineating the primary geographic area serviced by the trust and the principal services to be provided and shall file the bylaws with the Secretary of State. L. 1985, c. 424, s. 8.

3B:11-27. Services; guardianship The board may retain paid staff as it may deem necessary to provide follow- along services to the extent required by each beneficiary. The board may authorize the expenditure of funds for any goods or services which, in its sole discretion, it det…

3B:11-28. Contributions; written statement of services The board may accept contributions, bequests, and designations under life insurance policies to the community trust on behalf of individuals with severe chronic disabilities for the purpose of qualifying them as beneficiaries…

3B:11-29. Itemized annual statement Along with the annual report filed with the Secretary of State pursuant to Title 15A of the New Jersey Statutes, the board shall file an itemized statement which shows the funds collected for the year, income earned, salaries, other expenses in…

3B:11-3. Trustees construed to be joint tenants All estates heretofore or hereafter granted or devised to trustees shall be construed to have vested and to vest an estate of joint tenancy in the trustees. When a trustee is removed a conveyance or devise from the removed trustee t…

3B:11-30. Qualification of indigent persons The board may accept gifts and use surplus trust funds for the purpose of qualifying as beneficiaries any indigent person whose family members lack the resources to make a full contribution on that person's behalf. The extent and charac…

3B:11-31. Special requests; individual trusts The board may agree to fulfill any special requests made on behalf of a beneficiary as long as the requests are consistent with this act and provided an adequate contribution has been made for this purpose on behalf of a beneficiary. …

3B:11-32. Community trust irrevocable 14. A community trust for persons with severe chronic disabilities is irrevocable, but the trustees in their sole discretion may provide compensation for any contribution to the trust to any trustor who, upon good cause, withdraws a beneficia…

3B:11-33. Not deemed asset Notwithstanding any other provision of law to the contrary, the beneficiary's interest in any community trust shall not be deemed to be an asset for the purpose of determining income eligibility for any publicly operated program, nor shall that interest…

3B:11-34. Not subject to rule against perpetuities A community trust shall not be subject to or held to be in violation of any principle of law against perpetuities or restraints on alienation or perpetual accumulations of trusts. L. 1985, c. 424, s. 16.

3B:11-35. Settlement, dissolution, merger The board shall settle a community trust by filing a final accounting in the Superior Court. In addition, at any time prior to the settlement of the final account, the board, the Secretary of State, or the Attorney General may bring an ac…

3B:11-36. Findings, declarations regarding special needs trusts 1. The Legislature finds and declares that: a. It is in the public interest to encourage persons to set aside amounts to supplement and augment assistance provided by government entities to persons with severe chroni…

3B:11-37. Establishing an OBRA '93 trust 3. a. As used in this section "OBRA '93 trust" means a trust established pursuant to 42 U.S.C. s.1396p(d)(4)(A) or an account within a pooled trust pursuant to 42 U.S.C. s.1396p(d)(4)(C). b. Upon the request of an interested party, a court…

3B:11-4. Effect to be given consent by holders of general powers of appointment upon beneficiaries For the purpose of granting consent or approval with regard to the acts or accounts of a fiduciary or trustee, including relief from liability or penalty for failure to post bond, o…

3B:11-4.1. Limitations on powers of trustees; applicability; "interested party" defined 1. a. The following powers conferred by a governing instrument upon a trustee in his or her capacity as a trustee shall not be exercised by that trustee: (1) The power to make discretionary di…

3B:11-8. Short title This article shall be known and may be cited as the "Charitable Trust Law of 1971." L.1981, c. 405, s. 3B:11-8, eff. May 1, 1982.

3B:11-9. Definitions As used in this article: a. "Code" means the Internal Revenue Code of 1954 as amended; b. "Private foundation trust" means a charitable trust which is a private foundation described in section 509(a) of the code, including each nonexempt charitable trust desc…