A testator's loved ones often come out of the woodworks en masse to stake claim to their loved ones' assets immediately following their death. You as the executor shouldn't give in though. It could be quite costly if you do.
It's often not long after a family member dies that their loved ones begin clamoring to get a piece of what they feel that they're due from it. While many heirs may think that they can simply walk into a decedent's home and take what they feel is rightfully theirs, this is not the case. There are steps that an executor must take before this can happen. This is why it can take a while for a New Jersey a decedent's assets to be distributed to their heirs.
It's a great honor to be chosen as the executor of someone's estate. It means that the testator, or the person writing the will, has a great deal of respect for you and that they trust you to carry out their final wishes. Being chosen as the executor of someone's estate does come at a price though.
It's generally not long after a testator's funeral has happened and their will has been filed with a Bridgewater probate court that beneficiaries start coming out of the woodworks. They often do so to make sure that they get their cut of the assets. While you may be tempted to speed up the estate administration process to put an end to all the chaos, it's best if you don't make any rash decisions.
It can be beneficial for testators, or for those drafting a will, to communicate with their heirs in advance of their passing. By doing so, they can let them know what their final wishes are. This seldom happens though. Many of them let their preferences be known only after their executor files their will with a New Jersey probate court. This often results in hurt feelings and contested wills.
When a testator drafts their will, they're required to appoint an executor to handle their estate once they've passed on. The person selected for this role should be trustworthy as they'll be responsible for paying final expenses and distributing assets to your heirs. This executor should be advised of their appointment to this role in advance so that they can learn more about their responsibilities.
One of the key responsibilities of the person drafting a will, or testator, is to select the executor of their estate. The individual appointed to this role is responsible for preserving the value of its assets, filing its final tax return, paying creditors and distributing what's left in the estate to any heirs. It's a sign of trusts for a testator to appoint you to this role. Being given it doesn't mean that the heirs will agree that you're worthy of it, though.
People who pass away have often battled a long illness like cancer. Many have simply had years of poor health. Sometimes they die after a serious accident. In all of these cases, they may leave many thousands of dollars in medical bills. What happens to all of those unpaid bills?