New Jersey Executors have more responsibilities than just reading a will.
Being an Executor in New Jersey is not a responsibility someone should take lightly. The initial responsibility of the executor is to inventory and collect all of the decedent’s assets. The Executor then must pay all expenses of the decedent, including medical, hospital, and funeral expenses. The Executor should also issue a notice to all creditors of the decedent. If contacted by creditors, the Executor can either accept, reject or settle the claims of creditors of the estate.
An executor must also obtain a tax waiver from the State of New Jersey prior to making any distribution of the estate assets to the beneficiaries named in the Will. However, prior to any distribution, the executor must issue Refunding Bonds and Releases to the Beneficiaries. Once the beneficiaries sign and return the Refunding Bonds and Releases, the Executor should then distribute the assets to the beneficiaries in accordance with the provisions in the Will.
- Read about the Probate Process in New Jersey.
- Read about how the NJ Probate Process Works.
- Read more about naming an executor in a will.
Having someone who you can trust to go over and counsel you in estate planning matters is critical to minimizing conflict and undue delays in the probate process. Lazaro Cardenas offers legal and personal guidance through the NJ probate process. For an initial free phone consultation call Lazaro Cardenas a New Jersey Trust and Estate Attorney from the Law Firm of Patel, Soltis & Cardenas at (973) 200-1111.