What is estate administration?

Estate administration is the process of managing and distributing a person’s assets and debts after their death. It involves tasks such as identifying and valuing assets, paying off debts, and distributing the remaining assets to beneficiaries.

What is probate?

Probate is a legal process that ensures the orderly distribution of a deceased person’s assets and settlement of debts. Probate in New Jersey is a relatively easy process that usually doesn’t cost a lot of money.

What is intestacy?

Intestacy occurs when someone dies without a will, leaving their estate to be distributed according to state laws. While these laws provide a default framework for asset distribution, they may not align with the deceased person’s wishes and can lead to complications and disputes among heirs. Therefore, having a valid will is essential to ensure assets are distributed according to your preferences.

What is an executor?

An executor is a person named in a will or appointed by the court who is responsible for carrying out the wishes of the deceased person (the testator) as outlined in the will. The executor plays a critical role in ensuring that the deceased person’s final wishes are carried out efficiently and according to the law, while also protecting the interests of the estate and its beneficiaries.

Client Consultation

Meet with the executor or administrator of the estate to discuss their role and responsibilities, gather information about the deceased person’s assets and liabilities, and explain the estate administration process.

Asset Inventory and Valuation

Assist clients in identifying and inventorying the deceased person’s assets, including real estate, bank accounts, investments, personal property, and business interests. Help them obtain professional appraisals or valuations as needed.

Tax Compliance

Advise clients on their tax obligations related to the estate, including filing final income tax returns for the deceased person and estate tax returns if applicable. Help them minimize tax liabilities and take advantage of available deductions and credits.

Asset Distribution

Facilitate the orderly distribution of assets to beneficiaries or heirs according to the terms of the will or intestate succession laws if there is no will. Ensure that distribution is carried out in compliance with legal requirements and that beneficiaries receive their rightful shares.

Fiduciary Duties

Educate and advise executors and administrators about their fiduciary duties and obligations to act in the best interests of the estate and its beneficiaries.

Creditor Claims

Notify creditors of the deceased person’s death and manage the process of resolving outstanding debts and claims against the estate. Ensure that all valid debts are paid from estate funds.

Probate Process

Navigate clients through the probate process, which involves probating the deceased person’s will, appointing an executor or administrator if necessary, and distributing assets according to the terms of the will or state law.