executor checklist new jersey
Gloucester County Administration Building 2 South Broad Street PO Box 337 Woodbury, NJ 08096 Phone: 856-853-3200 There are many tasks and responsibilities facing a newly appointed executor or estate administrator. BOX 1130 MARTIN M. SHENKMAN TELEPHONE: (201) 845-8400 FORT LEE, NEW JERSEY 07024 What to Do if You Inherit a Weapon as Part of an Estate Administration, NJ Estate Administration Ancillary Probate. 5.0% of the estate up to $200,000; Since these instruments are quite different, it is possible that the principal will want to implement both. A New Jersey court will appoint an executor who is a resident of New Jersey after seeing a certified copy of the death certificate and the decedents will. Include but are not limited to Wills, Trusts, POAs, I-9, Automobile leases & purchases, Affidavits of any type, Apostille, Wedding Officiant and so much more! this guide offers a helpful checklist. Last Will and Testament A Will is a document executed by a principal (referred to as a testator) containing specific instructions for an executor (representative of testator) to distribute assets to named beneficiaries. It is based on the date of death so any extension of time to file the estate-tax return will not extend the period for making the disclaimer. How to Choose an Executor For Your Estate, Appealing the Denial or Termination of Medicaid Long Term Care Benefits, Applying for Medicaid Long Term Care Benefits, Appealing a Threatened Discharge from a Nursing Home or Assisted Living Residence. When a Will is probated, all beneficiaries named in the Will (and next of kin) must be notified by the executor in writing that the Will has been probated. For example, as a beneficiary, you may receive large pieces of furniture. (after Probate) Administration c.t.a. A bond is issued by a surety company and protects against the possibility that the executor or administrator does not distribute the Estate assets to the person(s) who are entitled to them. Renunciations from all adult persons whose right to act is prior or equal to that of the applicant; List all the assets and their values in the decedents name alone to determine the number. Surrogate-P-14 PETITION FOR SUCCESSOR LETTERS TESTAMENTARY. A Will is a legal document containing instructions as to what should be done with an individual's money and property after their death. In the event of physical or mental incapacitation, the principals health care representative will be the person with whom the physicians discuss medical treatments, services, and procedures for the principal. This checklist is very general. He can be reached toll-free at (855) 376-5291 or by email at fniemann@hnlawfirm.com. (Revocable) Living Trust A Living Trust document, once executed by a principal (grantor for the purposes of this instrument), creates an entity into which assets can be placed. Here is a couple of useful tips and checklists to make the probate process a little easier. Freehold, NJ 07728 When the Estate is insolvent the Executor should file an application with the Court to have the Estate declared insolvent and to approve a payment plan to some or all of the creditors. If you need some help or advice addressing this checklist or want to speak with a knowledgeable New Jersey estate administration attorney who can work with you, please call me at toll-free (855) 376-5291 or e-mail me at fniemann@hnlawfirm.com to set up an office consultation at your convenience. If You Disagree with an Estate Accounting, You Must File a List of Exceptions with the Executor or Estate Administrator, Value Proposition of Hanlon Niemann & Wright, Dealing With a Trust Within a Last Will During the Probate Administration, Are You Responsible For Your Spouses Debts After They Die, My Ward Has Died, So Now What Do I Do As Guardian, Who Has the Final Say Over a Dead Body and Funeral Arrangements, Video, NJ Estate Administration and Probate Ancillary Probate, Can an Executor Resign Under New Jersey Law. Related: How to Modify Child Custody in New Jersey. There is, however, another potential cost the requirement to post a bond. If the decedent was married at the time of his death, the executor can generally file a joint return with the decedents surviving spouse, provided the spouse has not remarried before the end of the calendar year. The information found on this website is for general informational, educational, and advertising purposes only. I will also address New Jersey Estate and Inheritance tax returns on this page. It is crucial to understand your responsibilities and follow a thorough checklist. An executor must ask a court to appoint them as executor formally. Heres what you need to know about the duties and requirements of an executor of an estate in New Jersey. Obtain original death certificates and gather testamentary documents: usually, the Last Will and may include a Revocable Trust. Once a copy of the Will is admitted the probate process is the same as when an original Will is probated. Gift Taxes vs. Inheritance Taxes: Which is Worse? Contact the lawyers at Gartenberg Howard LLP at (201) 488-4644 or click the contact us buttonbelow to ask any questions about executor duties and related laws. A decedent will name an estate executor in their will. Here is an Easy to Follow Checklist of Responsibilities for an Executor or Administrator to Follow When Handling an Estate: The primary goal of probate is to have the County Surrogate formally approve the Last Will and Testament of a deceased person and to appoint the individual named in the Will to serve as the Executor or Executrix. Proper administration of an estate requires that the executor or administrator make many timely and strategic decisions both tax-related and otherwise. Pay All Bills Before the Death of a Special Needs Trust Beneficiary. 1 . There are pros and cons to this approach. On the other hand, by filing jointly, the executor becomes potentially liable with the surviving spouse for all taxes and penalties for the final tax year. Change locks on the home, put valuables in a secure location. All rights reserved. Disclaimers. A New Jersey estate planning checklist is an instrument that can help an individual keep organized while planning for their death or for an unexpected accident or illness. The legal information presented on this website should not be construed to be formal legal advice, nor the formation of any lawyer or attorney-client relationship. After the testators death, a Will must be reviewed in probate court (unless it is Self-Proved), meaning a court will examine the authenticity and validity of the document. We provide legal services in a variety of practice areas such as estate planning, probate, will, trusts, accounting and tax services. The executor is required to file an income tax return for the estate for each tax year in which the estate has gross income for $600 or more or if any beneficiary is a nonresident alien. IN NO EVENT SHALL HANLON NIEMANN & WRIGHT BE LIABLE FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES RELATING TO THIS MATERIAL, FOR ANY USE OF THIS PUBLICATION. A Will is a legal document in which you set out how you would like your estate to be dealt with after your death. Under New Jersey law, the executor of an estate is generally entitled to the following commissions (remember, executor commissions are only allowable on "probate assets" and on real estate which comes into the hands of the executor): a. All information presented in this website is copyrighted by Hanlon Niemann & Wright, P.C., or other individuals or entities as designated. Collect evidence. The Basics Fundamentally, it is the executor's responsibility to manage and wind down the deceased person's estate, resolving any debts, distributing assets to heirs, and filing legal paperwork. If You Need the Name of an Attorney to Help Prepare a Will. Notify credit card companies of the circumstances and stop future charges from being incurred. The law does not demand an executor/executrix or appointed administrator to be a legal or financial expert, but it does require the highest degree of honesty, impartiality, and diligence upon this person. Phone (Toll Free): (855) 376-5291 Gather information for all assets (bank accounts, brokerage accounts, etc.). When is a Guardianship or a Power of Attorney Appropriate? If the estate has adopted a fiscal year, making the election would allow that year to be used for reporting the trusts income. After a judge appoints an executor, the executor must mail the decedents kin and any beneficiaries the notice of probate. The executor must also propose the distributions he intends to make to the beneficiaries. To help you better understand how to get started and what is required as an executor of an estate, we've compiled a checklist to get you the Executor, as a fiduciary is under a duty to vote in such a way as to promote the interests of the business and by extension the interest of the beneficiaries or equitable owners. If you need some help or advice addressing this checklist or want to speak with a knowledgeable New Jersey estate administration attorney who can work with you, please call me at toll-free (855) 376-5291 or e-mail me at fniemann@hnlawfirm.com to set up an office consultation at your convenience. In the best case, you were asked by your friend, loved one, or associate, to undertake these duties when they were preparing their estate planning documents, such as a Will. Contact. Published by South Jersey Times on May 16, 2008. . For many assets this means changing title from the decedents name to the name of the Estate so that the assets are brought under the legal control of the Executor. Executors must take an inventory of all assets and property, including: Executors manage the finances of the deceased. Originals of all estate planning documents should be kept in a safe place at the principals home or office (i.e., a fireproof/waterproof cabinet or safe). Each Refunding Bond(s) and Release(s) should then be filed with the County Surrogates Office. The first form an executor will file and sign is the probate application. Not everything is listed here but you can refer to the prior page Checklist of Things to do When a Person Dies for even more information you may need to fulfill your responsibilities (Click Here). For small estates, you might file a simplified or summary probate. If property of the decedent is located outside of New Jersey, additional proceedings are probably necessary (Often referred to as ancillary probate), which means probating the will of the decedent in a state outside of NJ in order to legally transfer ownership of the property to the legal beneficiaries. Being the administrator or executor of an estate is a massive responsibility. This document only comes into effect if the principal is unable to make these decisions on their own. The Executor must obtain information about all outstanding bills, debts and legal obligations of the deceased. Your final steps as an executor include paying any debts and taxes owed by the estate, distributing assets and providing an accounting for the estate to the beneficiaries. Where the executors or administrators authority to vote stock etc. Your Estate Executor Duties Checklist 1. The petition must include all of the following: The deceased's original will. Typically, the grantor will name themselves trustee, meaning they can maintain control of the assets and benefit from them during their lifetime. The Office of the Secretary of State PO Box 300 Trenton, NJ 08625 - 0300 To promote privacy, only "interested persons" as defined in N.J.S.A. endobj The Executor will need to obtain an Estate tax identification number from the IRS. After a person dies, their estate is distributed to beneficiaries that have been named in a Last Will and Testament or Living Trust (see Step 5). Depending on the type of taxes the executor is filing, one may need to complete different federal, state, or local forms. Can a Surviving Spouse Avoid Probate in NJ When the Estate Value is Small? A somewhat simplified view of the overall estate settlement process consists of the following overlapping steps: Determine whether decedents estate is subject to State and Federal death taxes, also known as estate and inheritance taxes (seek the advice of a lawyer who specializes in estate matters, and if tax returns are required to be filed, assist professionals in preparing for that filing. Do not send any confidential information to our firm until an attorney-client relationship has been established through direct written communication with WSH Law LLC, and subsequent mutual written agreement that our representation of you would be appropriate and acceptable. Contacting us does not create an attorney-client relationship. The process can be started before but the Estate will not be issued until the sixth day. A representative should be trustworthy, honest, and capable of acting with the principals best interests in mind. YEAR OF DEATH EXEMPTION LEVEL RETURN REQUIRED 2016 or earlier $675,000 including adjusted taxable gifts IT-Estate 3B:14-23(n) states that in the absence of contrary or limiting provisions in the judgment or order appointing an Executor or, in the will, deed, or other instrument, every fiduciary shall, in the exercise of good faith and reasonable discretion, have the power to vote in person or by proxy, discretionary or otherwise, shares of stock or other securities held by the estate or trust. If the will is valid, the personal representative must follow the instructions outlined in the will. The executor or administrator is required to collect and safeguard the assets of the estate, to pay the debts of the decedent and any taxes due, to make distribution to the devisees under the will or heirs if the decedent had no will and, if required, to provide an accounting of the administration of the estate. How to Choose an Executor For Your Estate, Appealing the Denial or Termination of Medicaid Long Term Care Benefits, Applying for Medicaid Long Term Care Benefits, Appealing a Threatened Discharge from a Nursing Home or Assisted Living Residence. The tax code offers an election to the estate of any decedent who was a resident or citizen of the United States on the date of his or her death who is survived by a spouse. Is a Spouse Responsible for the Debts of Their Deceased Spouse? The Executor or Administrator will pay the bills of the estate out of this dedicated account. When all obligations of the estate are satisfied, the executor should disburse the remaining estate assets to beneficiaries. 6.0% on all estate income; b. Is My Primary Residence Exempt Under NJ Medicaid if it Also Includes Two Rental Units? Professional legal counsel should be sought for specific advice relevant to the facts of your case. 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