There is a statutory order of priority in which the debts of the Estate must be paid regardless of whether the Estate is solvent or insolvent. The probate application form is necessary to petition the court to appoint an executor formally. We will handle this for you. This is a significant legal risk that must be understood by the estate representative. endobj
Phone (Toll Free): (855) 376-5291 Read more. Where the executors or administrators authority to vote stock etc. The petition must include all of the following: The deceased's original will. If a decedent does not have a will or name an executor, a probate court may appoint a person to handle an executors responsibilities. Executors must mail all will beneficiaries notice of inheritance proceedings. This election deadline is unrelated to the filing of the federal estate tax return. Being the administrator or executor of an estate is a massive responsibility. Accordingly, during the estate administration, an executor has the right to vote the stock and/or membership interest in the name of the deceased stockholder/LLC member at the time of his death. Under New Jersey law, wills must be witnessed and signed by two (2) credible witnesses in order to be legally executed. The estate may have to file a tax return, and a final tax return will need to be filed on the deceased's behalf. Is a Spouse Responsible for the Debts of Their Deceased Spouse? (856) 853-7771. However, if the value of the gross estate exceeds the applicable exclusion amount, different considerations come into play and the analysis becomes more involved. Executors may file taxes, including a final income tax return. After a New Jersey court formally appoints an executor, they can perform their duties. 1 0 obj
If You Need the Name of an Attorney to Help Prepare a Will. endobj
Each Refunding Bond(s) and Release(s) should then be filed with the County Surrogates Office. Generally, the assets of an estate are valued as of the decedents date of death. Where a fiduciary holds enough shares to actually or substantially control the conduct of the corporation, he or she is under a duty to exercise that control for the benefit of the corporation, LLC, Partnership. One or more of the above-mentioned individuals should at the very least be provided the location of the principals original estate planning documents as well as the key/combination to any locked safe or cabinet. The position of executor is one of enormous trust and confidence you have been entrusted to transfer the things we care about to the people we love according to a strict set of guidelines written down in a document called a Last Will. A judge will only follow through with this confirmation if clear evidence proves the executor is unsuitable. Notify credit card companies of the circumstances and stop future charges from being incurred. 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. If the will is invalid or the deceased person did not have a will, the personal representative must distribute the assets according to New Jerseys laws of intestate succession. The death of a loved one generates powerful emotions and complicated family dynamics. A fiscal year may be for a 12-month period that ends on the last day of any month other than December. For example, as a beneficiary, you may receive large pieces of furniture. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. What Happens If I Cant Find the Original Will? Gloucester County Administration Building 2 South Broad Street PO Box 337 Woodbury, NJ 08096 Phone: 856-853-3200 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. tax, legal etc) for more advice on the various activities you may be . Since each estate is unique, the following is for general guidance only. Each case will present a different set of facts for this analysis. An individual appointed as a principals financial agent will be in charge of all of their financial affairs. If there is a Will, the Executor will need the following: If there is no Will, someone must be appointed as Administrator to handle the Estate. Check in with immediate family and get support This can be a difficult first phone call or message, both to make or to receive. Seldom are their immediate thoughts directed towards what should be done to finalize the decedents affairs. Surrogate Zoila Cassanova 71 Hamilton Street, Room 101 Paterson, NJ 07505 (973) 881-4760 (973) 523-3449 Fax Email In either case, a copy of the Original Will can be admitted to probate but not as easy as probating an original Will with the Surrogates Office. What Happens If I Cant Find the Original Will? The following is a brief overview of some of the major decisions involved in filing a decedents final federal income tax return (Form 1040), the estates federal income tax return (Form 1041), and the federal estate tax return (Form 706). An Administrator in New Jersey cannot be appointed until the sixth day from the date of death. N.J.S.A. Executor's Checklist of Basic Tasks. Is a Spouse Responsible for the Debts of Their Deceased Spouse? Timing is critical here because disclaimers must be made within nine months of the date of death. number for the Estate and other formalities are required under the New Jersey Probate Code and should be diligently followed by the executor/administrator as part of his or her statutory obligations. In cases where a deceased individual didn't name an executor, the court may assign one. Can a Surviving Spouse Avoid Probate in NJ When the Estate Value is Small? For more information on New Jersey Gross Income Tax, please call 609-292-6400, or visit the Division's website. When is a Guardianship or a Power of Attorney Appropriate? ), arrange for care or disposal, Notify agent under any power of attorney of the death to stop using the power of attorney, Keep records of all payments for funeral and other expenses, Investigate veterans burial allowance and other benefits, Investigate fraternal organizations for any death benefits (i.e. The estate will be distributed by the executor after the court deems it a legally binding instrument. It is helpful to explain what is known about where the Will was kept and the last time anyone saw it. 3499 Route 9 North, Suite 1F An executor must send notices of a new probate case to beneficiaries, other heirs, and creditors. Hanlon Niemann & Wright takes no responsibility and makes no warranty whatsoever for the content or information contained herein. An executor must ask a court to appoint them as executor formally. 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. Click here to download and print my east to follow estate administration checklist: Checklist of Things to Do When a Person Dies. 3.B:3-2.1 (d), or their representatives, may search the Will Registry and only executors or fiduciaries will be given the location of the will. 3 0 obj
The federal estate tax is in addition to income tax and ranges as high as 40%; various States, including New Jersey and New York have their own death taxes. 2 0 obj
Please contact us at admin@njexecutor.com or (973). When voting shares of stock, etc. The process can be started before but the Estate will not be issued until the sixth day. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. Your property and personal possessions are collectively referred to as your estate. Consider the checklist below when fulfilling these tasks: Make the appropriate funeral, burial or donation arrangements. This guide can be referred to while creating an estate plan but is best used in conjunction with legal counsel. The estate planning documents mentioned in this article cover an individuals needs in regard to medical decisions, financial affairs, distribution of their estate and other assets, guardianship, and debt arrangements. Lets see how this works. "Getting the taxes right is an important part of this," Harbison says. The legislature has deemed the total fee for an Executor in New Jersey is comprised of two sources: corpus commissions and income commissions. A representative should be trustworthy, honest, and capable of acting with the principals best interests in mind. number from the IRS. If you are the executor of a will in New Jersey, it can be helpful to have a checklist to ensure that you meet your responsibilities and fulfill your duties. (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. Thus, you can postpone the effective date when the tax is owed. 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. A Will is a legal document containing instructions as to what should be done with an individual's money and property after their death. BOX 1130 MARTIN M. SHENKMAN TELEPHONE: (201) 845-8400 FORT LEE, NEW JERSEY 07024 Once appointed by the County Surrogate, the executor of an estate has many strategic decisions to make that may impact the tax liability of both the estate and the estates beneficiaries. 3. The reason for this is that a beneficiary is deemed to receive his or her share of the estates income on the last day of the estates fiscal year, even if the distribution was made earlier. 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 You'll have to file a probate petition with the surrogate's court of the county where the deceased resided within a year of death to have the will approved as legally valid. This checklist is very general. Consult with counsel about the requirements for each in the State where decedent lived or owned real property. In addition, based on where you reside, please comply with orders and guidance from your local emergency management and government officials. Essentially, an executor is accountable to identify and then protect a deceased persons assets and property until all debts and taxes have been paid, and then to ensure that the assets and property are transferred to the persons entitled to receive it (called beneficiaries). 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). What is a Tangible Personal Property List and What Are The Benefits? As to income taxes, Executors are responsible for arranging for the preparation and filing of decedents final personal income tax return, as well as returns for income earned following decedents death. 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. After a judge appoints an executor, the executor must mail the decedents kin and any beneficiaries the notice of probate. I hope this checklist helps. Forward the Mail. Ownership of the assets is transferred to the Trust and a trustee is put in charge of the entity. Surrogate-P-17 NOTICE OF PETITION FOR APPOINTMENT OF SUCCESSOR EXECUTOR. . For example, the Testator may have moved his/her residence and boxes of documents may have been misplaced or destroyed. Open one or more estate bank and investment accounts into which all liquid estate assets can be funneled. The representative will have the power to make health care decisions for the principal should they be unable to do so themselves. Is the Executor Allowed to Be a Witness to My Will? 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