Being selected as the executor of a loved one's estate is an honor, but it also comes with responsibilities. Even though the probate process in New Jersey is not as complex as the probate process is in other states, costly mistakes can be made by those who are unfamiliar with it.
In New Jersey, when a person dies, his or her estate generally must go through the probate process before the assets can be distributed to the person's heirs either per the terms of the person's will or through the state laws of intestacy should the person die without a will. Many people wish to avoid probate, as it can be a time-consuming and costly process that could potentially reduce the size of a person's estate. However, it is important to note that certain assets are exempt from being probated.
Being selected to serve as the executor of a loved one's estate is certainly an honor, but it also comes with responsibilities. Moreover, many people in New Jersey aren't very familiar with the probate process. And, while probate in New Jersey is not as complicated as it is in other states, if mistakes are made they could end up being very costly.
The music legend and "Queen of Soul" Aretha Franklin passed away on August 16 of pancreatic cancer. While this is certainly a blow to music fans in New Jersey and worldwide, it is also blow to her loved ones left behind, in part because Franklin did not have an estate plan at the time of her death.
When a loved one dies and was married at the time of his or her death, his or her surviving spouse will be dealing with a lot emotionally. What the surviving spouse may be unprepared for is the time and expense administering the deceased's estate will take. However, if the value of the deceased's estate is small enough and if other elements are met, it may be possible to bypass administration of the estate (probate).
Sometimes people in New Jersey pass away without having created a will, meaning they died "intestate." This might be because they passed away unexpectedly, or they simply put off the process of creating a will until it was too late. Others in New Jersey may have executed a will, but do not have any other documents in their estate plan that will pass on their assets to their chosen heirs. When a person in New Jersey dies intestate or when they only have a will, their estate will be probated.
Many people in Parsippany carry some type of debt these days. Debt can take many forms: a home loan, an auto loan, credit card debt or student loan debt, to name a few. Most people will do what they can to pay off their debts during their lifetime. However, sometimes this simply doesn't happen and a person passes away before all their debts are paid off. When this happens, will the debtor's survivors be obligated to make good on the debts owed?
Whether appointed in a person's will or appointed by the court, being the executor of a person's estate in New Jersey after that person dies is certainly an honor, but it is also a big responsibility. It can be a confusing time, especially if one has never served as the executor of an estate before, so it can help for an executor to carry out their duties with the assistance of an attorney experienced in estate administration and probate.