New Legislation Will Protect the Estates of Developmentally Disabled Individuals

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Gov. Corzine signed new legislation this week, known as “Ronnie’s Law,” that requires fiduciaries (such as executors, testamentary guardians and testamentary trustees) of estates of developmentally disabled individuals to post bonds in Superior Court. The statute is the Legislature's response to the theft of $814,000 by a disbarred Audubon Heights attorney from an estate established for an autistic man, Ronnie Mich, by his father. The bond amount is based on the value of the estate’s assets and the purpose of the bond is to protect the estate’s assets from bad acts by the fiduciaries. The fiduciary will be required to provide the court with an estate accounting every five years.

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Published In: Administrative Agency Updates, Health Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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