When people agree to be a personal representative for the estate of a loved one in New Jersey they probably do not know everything that it entails. They may know at a basic level that they will be responsible for administering the estate to ensure that the...
Estate Administration
How to prepare to probate a loved one’s estate
Most Bridgewater area residents do not have a lot of experience in dealing with a person’s estate after they pass away. It’s not something we do on a regular basis, so when the time comes it can be confusing and stressful. If you find yourself as an estate executor...
Understanding the concept of fiduciary duty in New Jersey
Many individuals in New Jersey may owe a “fiduciary duty” to another person without knowing which “duties” are expressly owed to the other person. A fiduciary duty arises whenever one person is chosen to manage the assets of a deceased person’s estate, manage the...
Understanding asset distribution requirements
The executor of an estate has an important responsibility to ensure that the deceased person’s assets are distributed fully and correctly. Before the assets are distributed, he or she may be tasked with opening a bank account for the estate, creating an inventory of...
How should I complete an estate inventory?
One of the personal representative’s tasks is to complete what the law calls an inventory of the estate. Legally, a personal representative may file an inventory 3 or more months after receiving a formal appointment. Courts in some cases may waive the requirement for...
How long should I expect the probate process to take?
While many New Jersey residents try to avoid probate, for many others, executing a will that goes through the formal estate administration process is their best step. Even for people who have a more complicated estate plan may contemplate a more streamlined probate...
What are the responsibilities of an estate administrator?
When a person passes away in New Jersey, someone will be named the executor or administrator of the deceased person’s estate. The person chosen as executor will be responsible for distributing and managing the assets of the estate and making sure that all...
How do death taxes affect financial planning?
When thinking about estate planning, many people do not take into account what taxes may apply to their assets after they are gone. Careful planning can prevent death taxes from taking a substantial amount out of the estate. It is important for New Jersey residents to...
What to do if you can’t find your parent’s will
When a child is dealing with the loss of a parent it is a very emotional time. Children are grieving the loss of their loved one while also trying to deal with the practical matters of the death. One major issue that may occur is trying to track down a parent’s will....
Probating a loved one’s estate
When someone dies, their estate will need to go through the probate process before their property can be transferred to living beneficiaries or family members. The probate process can be complicated and time-consuming, so knowing what to expect can be helpful. Opening...