New Jersey Statutes 3B:12-50. Additional powers which may be exercised by the court
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Terms Used In New Jersey Statutes 3B:12-50
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Donee: The recipient of a gift.
The court may exercise, or direct the exercise of, or release the powers of appointment of which the ward is donee, to renounce interests, to make gifts in trust or otherwise, or to change beneficiaries under insurance and annuity policies, only if satisfied, after notice and hearing, that it is in the best interests of the ward.
L.1981, c. 405, s. 3B:12-50, eff. May 1, 1982.