New NJ law protects beneficiaries with developmental disabilities

From the Gloucester County Times in N.J.:

TRENTON, N.J. — Legislation designed to protect beneficiaries with developmental disabilities by requiring the trustees and guardians designated in a will to post a bond and periodically provide accountings to the court was signed into law Oct. 20 by Gov. Jon S. Corzine.

Under the terms of the bill sponsored by Senate Majority Leader Stephen Sweeney, D-West Deptford, the court will determine the amount and conditions of the bond required where a will names a person with a developmental disability. Developmental disabilities include mental retardation, autism, cerebral palsy, epilepsy, spina bifida and other neurological impairments.

“Unscrupulous people who are looking to take advantage of someone to make some easy money have, unfortunately, preyed on the most vulnerable members of our society, including people with developmental disabilities,” said Sweeney. “This bill will make sure the rights of people with these disabilities are protected when they are named beneficiaries of an estate.”

The Senator said he introduced the bill in response to a 2003 case in which a man with developmental disabilities was swindled out of his share of his inheritance from his father by the executor of the estate. Former Audubon resident Ronnie Mich had been named the beneficiary of a $1.2 million estate by his father.

“Apparently, the funds were stolen by the executor of the estate, and Mr. Mich was forced to sell his home to pay off his debts,” Sweeney said. “We need to make sure we take steps to safeguard the rights and benefits of people with developmental disabilities by imposing stricter oversight of trustees and guardians.”

The bill would also allow the court to waive the bond requirement in certain circumstances and provide that the bonding and accounting requirements do not apply to qualified financial institutions.