As per the reports, the state of New Jersey, the US witnesses about 74000 mortalities each year. With the growing health concerns and uncertainties arising due to the pandemic, the rate of mortality is expected to have risen even higher. When someone dies, settling the estate can take some time. Unfortunately, there are situations where it can be unclear if the will has been executed correctly. This is especially true when the executors are unsure of their duties or don’t know how to handle them appropriately. Fortunately, an experienced Estate Administration Attorney NJ understands these problems and should guide the executors through the process.
What Does It Mean Being an Estate Executioner?
If there is no will or the will is contested, the court will appoint an estate administrator to settle the estate. In most cases, the executioner will be a family member of the deceased. If no family members can take on this responsibility, then the court will appoint someone else.
What Are the Duties of an Estate Executioner?
The person who has died might have named what is referred to as heirs in their will. These are people who inherit the deceased’s property when it is settled.
If there are no named heirs, then the estate administrators must handle the distribution of the estate according to the laws of intestacy. This is a somewhat complicated process that can vary from state to state.
The executor’s main task is to identify what belongs in the deceased person’s estate, locate all of their assets, and distribute them (even if there are no heirs). This usually involves working with the deceased’s banks, landlords, creditors, and other interested parties. The executor must also make sure that all taxes are paid and that the estate is settled promptly.
The duties also include:
- Notifying all beneficiaries and heirs of the estate
- Paying any bills or debts owed by the estate
- Determining the value of all assets in the estate
- Distributing assets to the appropriate beneficiaries
- Filing any necessary tax returns
These are just general guidelines. Every estate is unique and will have its own specific set of duties.
What Are Some Pitfalls an Estate Executioner Needs to Avoid?
One of the biggest dangers for executors is accidentally breaching their fiduciary duty. This means that they must put the interests of the beneficiaries ahead of their own interests.
They cannot use their position to gain financially from the estate. Furthermore, executors must be careful not to blend their funds with the estate funds.
Another potential pitfall is inadvertently violating state or federal law. This can happen when trying to distribute assets quickly to avoid probate. It’s essential to seek legal counsel from an estate planning attorney in NJ to address the questions about what actions are allowed or prohibited.
Executors need to be patient when they are settling an estate. This can be a long, complicated process. It’s essential to keep the beneficiaries in the loop along the way. A family member may serve as executor if they are willing and able to carry out these responsibilities appropriately.
What Are Some Problems That May Arise?
Sometimes, you can’t determine if the estate has been properly executed. Determining this is important because the property is left to someone entitled to receive it; the state will distribute it according to state law. If an heir or beneficiary contests the will, they may file a court action to declare it invalid.
If the executor is unsure of their duties, they may not be able to carry out their responsibilities promptly. This can lead to disputes among heirs and beneficiaries and may even cause the estate to be tied up in estate planning related court for an extended time.
What Can an Estate Planning Attorney Do?
An estate planning attorney in NJ can help the executor understand their duties and responsibilities. They can also guide how to handle disputes that may arise among heirs and beneficiaries. If there are any problems with the will, the attorney can help to resolve them. Availing services of an attorney who is experienced in estate planning is crucial as the task of dealing with estate management and distribution requires a lot of legal formalities and technicalities which if not handled properly can lead to a lot of confusion and problems. In some cases, your estate attorney may be also able to represent the executor in court.
Final Thoughts
Being an NJ executor of an estate can be difficult. Still, with the help of an experienced estate planning attorney, you can navigate these challenges and ensure that the deceased’s wishes are carried out in the best possible way.
