Being appointed an executor for an estate in New Jersey comes with many responsibilities. As part of your executor duties, you must identify and locate all estate assets, value them and distribute them to the intended heirs and/or use them to pay off the estate debts....
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estate planning and administration
Estate planning for special needs children
When they are planning their estates, many New Jersey residents have their adult children and grandchildren as their top priorities. They hope to leave a legacy that will make life easier for their loved ones into future generations. One way to do this is by creating...
Executors and other fiduciaries have important legal duties
Like other states, New Jersey’s probate process relies on an estate administrator to gather a deceased person’s property, pay off all valid claims and distribute the balance to the person’s heirs. The property they have authority over is not their own. It belongs to a...
Should I plan for incapacity?
According to a recent Caring.com survey, over 60% of us do not have an estate plan. Part of the reason for this is because estate planning is not necessarily the easiest thing to do, and it is a scary, depressing conversation. After all, it is all about what happens...
How do I locate an estate’s assets?
After a family member or loved one passes away, you may be appointed the executor of their estate. As an executor of an estate in New Jersey, you have many responsibilities. One of your first and most important tasks is locating the estate’s assets, so they can be...
What estate planning steps should parents take?
No matter your child's age, you want to provide for them and ensure that they have the support they need to flourish. One important step that you can take is creating an estate plan. this can be especially important if your child is under 18 and will need additional...
The roles and responsibilities of an executor
When creating an estate plan, individuals in New Jersey and elsewhere need to make some difficult decisions. While this often means considering what will happen with one’s property and assets after his or her death, it also requires one to name an individual to manage...
Three estate planning myths debunked
Many people wait too long to begin planning their estate. This is part of the reason there’s over $50 billion of unclaimed cash floating around the United States. Part of the reason people put off estate planning is because of its unpleasant association with dying....
Estate and inheritance taxes and how they affect estate planning
One of the things that many people forget about when estate planning is state taxes. While many know about federal taxes, sometimes they forget about state taxes. In New Jersey, depending on when the person passes, there may be two, estate and inheritance taxes....
Named an executor? Now what happens?
When someone names you the executor of his or her estate in New Jersey, it is a large responsibility. You will not typically have to do anything until the person dies, but upon the person naming you the executive, there are some things you should consider. The main...
