Our New Jersey law firm assists families and executors with the complex legal process of Probate and Estate Administration. We provide guidance to ensure the decedent’s assets are distributed correctly, efficiently, and in compliance with state law.
Probate is the legal process that takes place after someone dies. It involves a court-supervised procedure to:
Prove the validity of the decedent’s Will (if one exists).
Appoint an Executor (if there is a Will) or an Administrator (if there is no Will) to manage the estate.
Identify and inventory the decedent’s assets and debts.
Pay taxes and outstanding debts.
Distribute the remaining assets to the rightful heirs or beneficiaries.
The Executor or Administrator’s role involves several key steps:
Filing Documents: Submitting the Will and a death certificate to the Surrogate’s Court in the county where the decedent resided.
Estate Inventory: Locating, valuing, and cataloging all assets, including real estate, bank accounts, and investments.
Managing Debts and Taxes: Notifying creditors and satisfying all legitimate claims and tax obligations, including state and federal estate taxes, if applicable.
Asset Distribution: Transferring the remaining assets to the beneficiaries according to the terms of the Will or New Jersey intestacy laws (if there is no Will).
Record Keeping: Maintaining detailed records of all transactions to prepare for the final accounting to the beneficiaries and the court.
Probate is not free. The costs can vary significantly depending on the size and complexity of the estate. These expenses may include:
Court Filing Fees: Required to open the estate with the Surrogate’s Court.
Legal and Professional Fees: Compensation for the estate attorney, tax professionals, and appraisers.
Executor/Administrator Commissions: A statutory fee paid to the person managing the estate for their time and effort.
Taxes and Debts: Outstanding bills, income taxes, and any applicable estate or inheritance taxes.
The primary individual responsible for overseeing the estate is the Executor (if named in a Will) or the Administrator (if one is appointed by the court).
This individual is a fiduciary, meaning they have a legal and ethical duty to act in the best interests of the estate and its beneficiaries. Their responsibilities are substantial and can include complex legal and financial decisions. Consulting with an attorney can help the fiduciary understand and fulfill these duties, minimizing the risk of personal liability.
While some level of probate is often necessary, strategic estate planning can minimize the time and cost involved. Tools commonly used to transfer assets outside of the typical probate process include:
Living Trusts: Assets titled in the name of a revocable or irrevocable trust do not go through probate, allowing for private and often quicker distribution.
Joint Ownership: Assets held as Joint Tenants with Right of Survivorship (e.g., a shared bank account or real property) pass directly to the surviving owner upon death.
Beneficiary Designations: Assets like life insurance policies, retirement accounts (401(k)s, IRAs), and bank accounts with Payable-on-Death (POD) or Transfer-on-Death (TOD) designations transfer automatically to the named beneficiary.
If you are an Executor, Administrator, or a beneficiary with questions about an estate, contacting an attorney is crucial. We offer comprehensive estate administration services, guiding you through every step of the probate process to ensure a correct and timely resolution.
Contact our firm to discuss your probate and estate administration needs.