New Jersey Statutes 3B:20-11.7. Review of trust assets
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Terms Used In New Jersey Statutes 3B:20-11.7
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- trust assets: means money or other property entrusted to a fiduciary. See New Jersey Statutes 3B:20-1
- Trust instrument: means and includes a will, deed, agreement, court order or other instrument pursuant to which money or other property is entrusted to a fiduciary. See New Jersey Statutes 3B:20-1
7. Within six months after accepting trust assets, the fiduciary shall review the trust assets and shall make and implement decisions concerning the retention and disposition of assets received at the inception of the trust, in order to bring the trust portfolio into compliance with the provisions of the trust instrument or with the requirements of this act.
L.1997,c.26,s.7.