Estate Administration
This site is intended to offer an overview of the Estate Administration Process for Executors and involved family members.
The loss of a loved one is often filled with grieving and family uncertainty.
As a result the future can look daunting and overwhelming.
What must be done next? By whom and when?
We can answer questions and help you navigate your duties and responsibilities whether the estate is simple or complex.
If you would like to schedule a complimentary meeting to explore how we can assist you please call us at 609-291-8363. We’re here for you every step of the way!
Settling the Estate
The process of settling an estate in New Jersey is similar whether a person dies with or without a Will. A personal representative must go to the Surrogate's Court of the county in which the decedent resided to take charge of the estate.
If there is a Will, the Executor named in the Will is the personal representative. If there is no Will, the personal representative, usually a family member is called an Administrator. Under New Jersey law, if there is a surviving spouse then he or she is the first person in line to serve as Administrator, followed by children, grandchildren, parents and siblings. This may lead to family quarrels, as more than one person may have equal right to serve as Administrator. For example, all children of a decedent have an equal right to serve in this capacity and renunciations must be obtained from all those who will not be serving. This is yet another reason why it is always advisable to take the time to have a properly and professionally prepared Will.
The Surrogate must qualify the Administrator. While a Will may provide that no "surety bond" be required for the Executor, an Administrator may be required to purchase a surety bond. A surety bond is a financial arrangement in which the Executor or Administrator pays a fee to a company specializing in these arrangements which company then insures the heirs against certain wrongful acts of the Executor or Administrator. It is yet another way the Surrogate and State law endeavor to protect heirs. The cost of the bond premium, which can be hundreds of dollars, is determined by the size of the estate. The bond premium often costs more than the cost of having a Will prepared. The bond must remain in effect until the estate is settled. Providing that no bond is necessary ("waiving" the bond requirement) for an Executor is a major advantage to having a Will.
There are many good reasons to have a Will, including tax planning, sparing your personal representative the cost of a bond premium, and planning for a family member who is entitled to government benefits. The best reason for having a Will is the peace of mind that comes with the knowledge that you have provided for your loved ones and that your planning will make the distribution of your estate a smoother, easier process for them.
Duties of an Executor (Personal Representative) or Administrator
If you are appointed as the Executor and or Administrator of the estate it is your responsibility to probate the Last Will and Testament of the deceased to ensure that their final wishes are honored and that all obligations are fulfilled.
Following is a brief summary of your duties;
Make Funeral Arrangements and Collect Information:
• Locate names and addresses of all heirs, legatees, devisees and next of kin
• Obtain death certificate from funeral director
• Locate Will and or Trust Agreements
• Meet with Surrogate's office to probate Will
• Obtain Letters of Testamentary
• Locate and inventory all of the assets of the Estate including:
veteran's benefits
social security benefits,
pension benefits,
stocks and bonds,
real estate
business interests
automobiles,
furniture and antiques
jewelry and collectibles
intangible assets; copyrights, patents, royalties
other possessions.
• Obtain life insurance claim forms, social security burial allowance (if applicable) and veteran allowances
• Assemble deeds, abstracts, lease contracts, and insurance policies for each piece of real estate.
Determine Debts and other Claims against the Estate:
• Determine current bills owed, doctor, hospital, rent etc.
• Check decedent's charge accounts
• Research other debts that exist, mortgage, life insurance loans, bank loans etc.
• Obtain receipts for every bill paid and keep a record of payments
• Publish legal notice for the estate in newspaper
Manage, Protect & Administer the Estate:
• Set up an estate bank account
• Register stocks, bonds; arrange for collection of dividends and interest
• Have items of property appraised and insured
• Request allowance from court to support deceased's family
• Determine and pay all necessary taxes:
• Calculate value of estate and probable state and federal taxes
• Determine if administrative expenses should be charged against income taxes or estate taxes
• Prepare estate's income tax return in addition to the last income tax return of decedent
• Decide how funds will be raised to pay taxes
• Prepare inheritance tax returns
• Prepare federal inheritance tax forms
• Pay personal property or real estate taxes if necessary
Distribute the Estate:
• Obtain release and refunding bonds
• Determine who is entitled to share in the estate
• Determine how the assets will be distributed
• Pay all final bills and make bequests etc.
• Transfer and reregister securities to heirs
• Prepare detailed informal or formal account for court
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