When someone dies in Manalapan Township, the state often requires their assets to be transferred through a legal process known as probate, regardless of the status of their will. This procedure was designed to ensure that creditors receive amounts they are owed, that a will is valid, and that assets are passed in accordance with legal requirements.
The process of guiding an estate through probate can be complicated so many administrators and executors choose to work with a Manalapan Township probate lawyer. A trusts and estates lawyer familiar with the probate process could ensure that all legal obligations are fulfilled.
Everyone Has an Estate
Under the law, everyone has an estate because an estate is simply the legal term describing a person’s assets and liabilities. An estate may include real property such as a house, or personal property such as a car, jewelry, and money in bank accounts. An estate may include intellectual property such as a patent and rights or licenses held by a person. The value of an estate is calculated by totaling assets and subtracting amounts owed such as credit card debts.
Although everyone has an estate, not every estate will need to goes through the probate process. A Manalapan Township probate lawyer could review a situation to determine whether probate is necessary, and if so, whether an estate may be eligible to use simplified procedures.
A Court-Appointed Administrator or Executor
One of the first parts of the probate process involves the appointment of an executor or administrator to oversee the process of paying bills and distributing assets. If the decedent left a will, the executor would be named in that document, and that person should go to court to be formally appointed. If there is no will or the person named declines to serve, then the court will appoint an administrator who is often a surviving spouse or domestic partner.
The executor or administrator usually works with a Manalapan Township probate lawyer with matters such as:
- Inventory of assets
- Appraisal of necessary assets
- Payment of debts
- Calculation and payment of taxes
- Distribution of assets and trusts according to the will or the laws of intestate succession
If there is not enough money in the estate to pay all outstanding debts, the claims must be satisfied according to detailed state law which prioritizes debts. Amounts will be distributed to beneficiaries only after all debts are paid, including taxes. A probate lawyer may assist with the process of notifying creditors, prioritizing debts, and calculating inheritance taxes, income taxes, and estate taxes.
Work with a Knowledgeable Manalapan Township Probate Attorney
Executors and administrators may be held personally liable if they fail to fulfill their duties properly, so it is important to ensure that those responsible for administering an estate understand what needs to be done. Advice from a knowledgeable Manalapan Township probate lawyer might prevent problems and provide resolution if any issues should arise. To learn more about how a trust and estates attorney could assist in your situation, call now for a consultation.