Authorizes trustee of trust, under certain circumstances, to terminate service without filing formal accounting with court or obtaining release agreements from beneficiaries.

This bill allows trustees in New Jersey to end their service or settle their accounts without needing court approval or formal court filings, provided they follow specific notice procedures. Under the new rules, trustees must notify beneficiaries and other interested parties about the trust's status, proposed distributions, and account details, giving recipients 60 days to object. If no objections are filed or all objections are resolved privately, the settlement is considered approved and legally binding, barring future claims against the trustee. This change streamlines the process for trustees by removing the requirement to file formal accountings with the court or obtain separate release agreements from beneficiaries when certain conditions are met.