Learning that a will has nominated you as the executor of the estate can leave you overwhelmed and unsure of your responsibilities and powers, as you may not have any experience with this complex process. The law places a great burden on estate administrators, and a failure to fulfill your duties could result in harsh legal trouble.
Working with an attorney to assist in estate administration in Manalapan Township could give you valuable insight and peace of mind as you undergo these proceedings. A skilled lawyer could explain the relevant laws and form a strategy to help you meet your obligations as an estate administrator.
Estate Administration and the Law
New Jersey Revised Statutes § 3B:10-23 outlines the obligations of estate administrators and provides that the executor of an estate has a legal duty to meet the decedent’s wishes during probate. The executor also has a fiduciary duty to the estate to pay all debts and relevant taxes and ensure that the inheritors receive property to which they are entitled during the probate process.
A failure to fulfill one’s obligations as an executor can have devastating personal consequences. Administrators have a fiduciary duty to the members of the estate, so a mistake can lead to civil lawsuits that demand compensation. Additionally, the probate court can take action by citing an administrator for contempt if that administrator ignores court orders. Speaking with an attorney could provide more information about the duties of executors concerning estate administration in Manalapan Township.
Helpful Tips to Avoid Problems During Estate Administration
Estate administration does not need to be difficult. Even if a person has never performed this role before, remembering a few key concepts can help them avoid legal trouble and take much of the stress out of the process.
It is important to remember that an executor’s duty is toward the estate. This means that every step a person takes must be to benefit that estate. Essential processes such as paying debtors or fulfilling tax obligations may not appear to benefit the estate in the traditional sense but are part of the estate’s legal requirements. Similarly, it is essential to distribute assets to inheritors in a clear and efficient manner.
One possible step that can facilitate the administration process is to create an estate bank account. This account will help a person segregate estate funds from their own assets and distribute cash efficiently. To accomplish this, an executor must obtain a probate court order naming them as the executor and create a tax ID number with the IRS. Presented with this documentation, a bank should be able to create an account under the name of the estate. A lawyer could help clarify this process and assist an administrator in gathering the necessary paperwork.
Estate Administration in Manalapan Township Can Be Simplified with an Attorney’s Help
The executors of estates in Manalapan Township have an important role to play after a person’s death. Not only do they need to distribute assets to inheritors, but they must also make payments on behalf of the estate to creditors or the government. Especially for first-time executors, this process can be complicated.
Reaching out to an attorney could provide essential support. A lawyer can explain the probate process, help you to set up an estate account, and guide you through the administration steps to minimize the risk of errors. Contact an attorney today to see how they could help you through the Manalapan Township estate administration process.