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Understanding New Jersey Estate Administration
At the most basic level, estate administration involves gathering the estate’s assets, paying the decedent’s debts, and distributing all remaining assets.
Estate administration is often a complicated and emotionally complex task best left to experienced estate administration lawyers. The estate lawyers in NJ at Aiello, Harris, Abate Law Group PC have a comprehensive understanding of state and federal laws related to estate taxes, probates, and contesting a will. Our team walks you through the complicated process of getting your loved one’s estate taken care of without damaging familial relations, shirking tax and debt responsibilities, or dealing with the consequences of misinterpreting a will. Read on for an overview of the process.
Estate Executors: Rights and Responsibilities
The executor of someone’s estate ensures that the decedent’s last wishes are followed in the distribution of assets and property. Furthermore, the executor of a will is charged with making sure a decedent’s debts are paid off by state and federal laws and estate taxes are paid in the allotted time.
Estate executors must adhere to the highest standard of honesty and diligence. Often, it is in the best interest of all parties for an executor to call in the help of financial or legal experts. Aiello, Harris, Abate Law Group PC’s team has years of experience helping executors navigate the requirements.
Review the list below to understand the executor’s role.
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- Locating all assets
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- Determining whether a probate is needed
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- Locating and contacting all individuals and organizations named as recipients of willed property or money and ensuring the proper distribution of all assets
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- Ensure proper filing of the will in a probate court
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- Creating bank accounts for the estate
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- Paying off debts
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- Paying final taxes
Estate Administration In The Absence Of A Will
Without an up-to-date and valid will, a judicial proceeding will commence according to state law to determine heirs. Interstate law states that if there are no living relatives, the estate transfers to the government, which is called escheat. Escheats can be avoided by planning for the unimaginable before death.
If you or a loved one has yet to create a valid, up-to-date will, please contact Aiello, Harris, Abate Law Group PC for help with this important task. If a deceased’s will is lost or contested by family members, the same probate court mentioned above will resolve the conflicts and distribute assets.
The Estate Administration Process
Read on to review the estate administration process. If it feels overwhelming, contact Aiello, Harris, Abate Law Group PC for professional guidance.
Here are the steps involved in estate administration:
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- Analysis of the situation
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- Preparation of Critical Date Forms
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- Preparation for probate
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- Probate of the will
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- Handling of all post-probate responsibilities
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- Completing a valuation of all estate assets
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- Preparing and filing a tax return
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- Completing all responsibilities relating to a trust
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- Notifying creditors
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- Opening an estate bank and brokerage account
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- Accounting
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- Handling all distributions according to the will
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Knowing the ins and outs of estate administration laws, probate court requirements and tax regulations post death is crucial. While state and federal laws do not require executors to have any particular training or expertise, mismanagement of assets due to a lack of understanding of the process can have costly and time-consuming consequences.
Call us today at (908) 561-5577 or contact us. Your initial consultation will take place over the phone, and you can schedule an appointment at one of our office locations across New Jersey.
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