NJ A6304

Allows trustees to settle accounts and terminate service without court filings or beneficiary release agreements when a trust terminates, a trustee ceases serving, or during interim accounting periods

Requires trustees to provide written notice to qualified beneficiaries and other fiduciaries detailing proposed distributions, anticipated disbursements including fees, and account statements for the prior six months

Gives notice recipients 60 days to object in writing to the trustee's account settlement; objections can be resolved through court proceedings or nonjudicial settlement agreements

Bars claims against the trustee and challenges to asset distribution if no timely objections are raised or objections are resolved, with the same legal effect as a final court judgment approving the account

Takes effect 180 days after enactment