What is Estate Administration?
Estate administration refers to the legal process of managing and distributing a deceased person’s assets according to their will or, if no will exists, in accordance with New Jersey’s intestacy laws. This process often involves settling debts, paying taxes, and transferring property to rightful heirs or beneficiaries. In New Jersey, estate administration can encompass both the probate of wills and the administration of estates without a will.
Probate is a court-supervised procedure that authenticates a will and appoints an executor to manage the estate. If there is no will, the court will appoint an administrator. Both the executor and the administrator are responsible for gathering the decedent’s assets, paying outstanding debts or taxes, and distributing the remaining assets to beneficiaries. Estate administration can be complex, involving deadlines, forms, and legal requirements, which is why having an experienced estate attorney by your side can make a world of difference.
The Estate Administration Process in New Jersey
The estate administration process can be complex and document-heavy, so it’s always best to have a seasoned team of estate administration lawyers in your corner who can effectively guide you through it. A brief overview of this process is as follows:
- Filing the will with the Surrogate’s Court (if applicable): The process begins by submitting the decedent’s will to the Surrogate’s Court in the county where they resided. If there is no will, the court will proceed with an intestate administration.
- Appointment of executor or administrator: If a valid will is in place, the Surrogate’s Court will appoint the executor named in the will. If there is no will, an administrator will be appointed to oversee the estate.
- Gathering and identifying assets: The executor or administrator must locate and take inventory of the decedent’s assets, including bank accounts, real estate, investments, and personal property.
- Notifying creditors and paying debts: The estate must notify known creditors and pay all outstanding debts from the estate’s assets. This includes funeral costs, taxes, and any other liabilities the decedent may have left behind.
- Filing tax returns: The executor or administrator is responsible for filing the decedent’s final income tax returns, as well as any estate or inheritance tax returns required by New Jersey law.
- Distributing assets to beneficiaries: After all debts and taxes have been paid, the remaining assets are distributed according to the terms of the will or, in the absence of a will, under New Jersey’s intestacy laws.
- Closing the estate: Once all obligations are met and assets are distributed, the executor or administrator will file a final accounting with the court, effectively closing the estate.
Contact Our NJ Estate Administration Lawyers Today
If you’re looking for comprehensive assistance through each step of the estate administration process, our seasoned team of estate lawyers stands ready to help. Contact Laddey Clark & Ryan, LLP today so we can discuss your needs further.
