Wills may be revoked or changed by the testator at any time, as long as they are of sound mind to do so. There is an order of priority regarding which Estate expenses must be paid first. For example, the decedent may have capital gain losses that cannot be carried over to the estate income-tax return. New Jersey statutes do not outline specific requirements that executors must meet other than age; executors must be over 18. It is helpful to explain what is known about where the Will was kept and the last time anyone saw it. 101 Hooper Ave. Admin Building. But, what if that isnt the case, its as simple as being lost or misplaced? Timing is critical here because disclaimers must be made within nine months of the date of death. After they die, the Trust is put into the hands of a successor trustee (unless the grantor did not appoint themselves trustee). In New Jersey, an executor or estate administrator takes charge of the estate, possessions, and obligations of another person when they pass away. The Basics Fundamentally, it is the executor's responsibility to manage and wind down the deceased person's estate, resolving any debts, distributing assets to heirs, and filing legal paperwork. Hanlon Niemann & Wright does not guarantee its accuracy or completeness or suitability. Illustration. A fiscal year may be for a 12-month period that ends on the last day of any month other than December. Your property and personal possessions are collectively referred to as your estate. Securing Decedent's Assets What you need to do first: Change locks on the home, put valuables in a secure location. Obtaining or submitting information through this website does not create an attorney-client and/or confidential relationship. Once appointed by the County Surrogate, the executor of an estate has many strategic decisions to make that may impact the tax liability of both the estate and the estates beneficiaries. Published by South Jersey Times on May 16, 2008. The following is a brief overview of some of the major decisions involved in filing a decedents final federal income tax return (Form 1040), the estates federal income tax return (Form 1041), and the federal estate tax return (Form 706). How to Gain Access to a Safe Deposit Box Upon the Death of a Person, Learn About the Inheritance Rights of a Surviving Spouse and Children of a Deceased Parent, An Executor or Administrator is Allowed to Make Partial Distributions of Estate Property During Probate. The process can be started before but the Estate will not be issued until the eleventh day. Is My Primary Residence Exempt Under NJ Medicaid if it Also Includes Two Rental Units? The sometimes complicated nature of the New Jersey probate process can make it seem overwhelming at times. You will need to seek out the appropriate professional (e.g. There may be other circumstances that would require a bond. A representative should be trustworthy, honest, and capable of acting with the principals best interests in mind. Can a Surviving Spouse Avoid Probate in NJ When the Estate Value is Small? Essentially, an executor is accountable to identify and then protect a deceased persons assets and property until all debts and taxes have been paid, and then to ensure that the assets and property are transferred to the persons entitled to receive it (called beneficiaries). Email: fniemann@hnlawfirm.com, COPYRIGHTCopyright Hanlon Niemann & Wright, P.C. For many assets this means changing title from the decedents name to the name of the Estate so that the assets are brought under the legal control of the Executor. When Can A Beneficiary Compel An Accounting From An Executor, Trustee Or Administrator? Advance (Proxy) Directive Also referred to as a Durable Power of Attorney for Health Care, an Advance Directive form outlines the extent of a health care representatives power and authority regarding medical decisions for a principal. Toms River, NJ 08754. With all property, investments, accounts, debts,and liabilities laid out before them, the principal will have an easier time discerning how their estate will be disseminated after their death. The Case Results should not create an unjustified expectation that similar results can be obtained for others without regard to the specific factual and legal circumstances of your individual case. An inventory is a brief description and valuation of the assets of the Estate that will come into the hands of the personal representative. appointed "administrator" (rather than executor) and New Jersey intestacy statutes (rather than a Will) shall determine who receives the net assets in the estate. If You Disagree with an Estate Accounting, You Must File a List of Exceptions with the Executor or Estate Administrator, Value Proposition of Hanlon Niemann & Wright, Dealing With a Trust Within a Last Will During the Probate Administration, Are You Responsible For Your Spouses Debts After They Die, My Ward Has Died, So Now What Do I Do As Guardian, Who Has the Final Say Over a Dead Body and Funeral Arrangements, Video, NJ Estate Administration and Probate Ancillary Probate, Can an Executor Resign Under New Jersey Law. 3 0 obj Unpaid medical expenses may be deducted as a debt on the decedents estate tax return or deducted as a medical expense in the year incurred if paid within one year of the date of death. %PDF-1.5 The personal representative must pay any outstanding debts and taxes the estate owes, including outstanding mortgage payments, credit card debts, and taxes. At this juncture, a person must consider which document is better suited to their needs; a Last Will and Testament or a Living Trust. Pay all financial obligations of the estate including executors fees, accountants fees, counsel fees. Executor Checklist A copy of this executor checklist is at the bottom of the page. (Revocable) Living Trust A Living Trust document, once executed by a principal (grantor for the purposes of this instrument), creates an entity into which assets can be placed. Gloucester County Administration Building 2 South Broad Street PO Box 337 Woodbury, NJ 08096 Phone: 856-853-3200 On the other hand, by filing jointly, the executor becomes potentially liable with the surviving spouse for all taxes and penalties for the final tax year. Generally, they are 9 months from the date of death for a Federal Estate Tax Return and 8 months for a NJ Inheritance Tax Return. The executor is responsible for correctly executing the deceaseds last will. For example, as a beneficiary, you may receive large pieces of furniture. To Do Immediately After Someone Dies 1. The position of executor is one of enormous trust and confidence you have been entrusted to transfer the things we care about to the people we love according to a strict set of guidelines written down in a document called a Last Will. The law presumes that if an original Last Will cannot be located then the testator (the person who signed the Will) intentionally destroyed it because it no longer represented his or her wishes. A bond for an estate is usually set when there is an administration. Most Surrogates, however, require an administrator to post a bond in every instance except when the administrator is the surviving spouse. Internal Revenue Code Section 6012(b)(1) charges the executor (or other person entrusted with the decedents property) with the responsibility for filing the final income tax return for the decedent. Executors are made responsible for important documentation. While we expect grief and sadness, families are often surprised by the jumble of other emotions when working with family members whether it be dealing with long-standing inter-generational conflicts or the more complex issues around unwelcome in-law involvement. Final distributions from the estate may take as long as 18 24 months from date of death (or more, in the case of tax audits or Will contests). After the testators death, a Will must be reviewed in probate court (unless it is Self-Proved), meaning a court will examine the authenticity and validity of the document. YEAR OF DEATH EXEMPTION LEVEL RETURN REQUIRED 2016 or earlier $675,000 including adjusted taxable gifts IT-Estate cash, the stock account, real estate, etc. The Executor must provide a form of identification (such as a driver's license); and Payment of the $100.00 fee If there is no Will, someone must be appointed as Administrator to handle the Estate. Executors must mail all will beneficiaries notice of inheritance proceedings. The reason for this is that a beneficiary is deemed to receive his or her share of the estates income on the last day of the estates fiscal year, even if the distribution was made earlier. Is a Spouse Responsible for the Debts of Their Deceased Spouse? 2 0 obj The decedents social security number can no longer be used. However if a Will does not state that the Executor can act without a bond, one may be set on a probate. Once approved judicial involvement ends. Obviously, an executor is also very often one of the named heirs or beneficiaries, since it's usually a spouse or child of the deceased. An executor must ask a court to appoint them as executor formally. JFIF C When a person is named an executor or administrator (also known as a personal representative), they are given the responsibility of settling the final affairs of a decedent. The Executor will need to obtain an Estate tax identification number from the IRS. Where the executors or administrators authority to vote stock etc. Every Will that is enacted in Essex County must first be validatedwhich is formally referred to as probating by our office, so that the executor the person responsible for carrying out the Willhas the legal right to fulfill their duties. For small estates, you might file a simplified or summary probate. Since these instruments are quite different, it is possible that the principal will want to implement both. Here is the ultimate checklist for all of the important things that need to be considered after losing a loved one. Obtain a tax identification number for the estate. 2023 Electronic Forms LLC. Before making this election, as the executor, you should consider the effect the election will have on other available elections. % Not everything is listed here but you can refer to the prior page Checklist of Things to do When a Person Dies for even more information you may need to fulfill your responsibilities (Click Here). In some cases, the beneficiaries may be better off financially by keeping the higher date-of-death value because it will reduce subsequent capital gains and/or increase depreciation deductions because of the higher bias utilized for income tax purposes. If you find yourself as the Executor or Administrator of an Estate in New Jersey, it can be an overwhelming task. The personal representative is responsible for identifying and gathering all of the assets of the estate, including real estate, personal property, and financial accounts. Create a high quality document online now! Depending on the type of taxes the executor is filing, one may need to complete different federal, state, or local forms. All rights reserved. Executors must take an inventory of all assets and property, including: Executors manage the finances of the deceased. Kisco, NY, he was a son of the late Harry H. and Florence (nee Hanlon) Chambers.Ed wa The Executor must obtain information about all outstanding bills, debts and legal obligations of the deceased. Because most individual taxpayers file on a calendar-year basis, the final tax year will usually cover the period from January 1 to the date of death. endobj Copies of important documents can be presented to an agent, representative, attorney, or other trusted individual (spouse, family member, etc.) 1 0 obj Beforehand the executor should have each beneficiary execute a Refunding Bond and Release for the amount of the inheritance received. How to Finalize and Wind Up a Probate Estate, Estate & Trust Litigation During Probate, Estate Administration, Claims By and Against Fiduciaries Including Executors, Trustees and Administrators, Final Thoughts on New Jersey Estate Administration and Probate Law, Frequently Asked Questions (FAQ) About Probate Estate Administration, Glossary and Definitions of Terms Used on This Page for NJ Estate Administration and Probate. Wills for Jersey residents. They will pay any outstanding debts and bills with the deceaseds money or assets. The Executor must also open an estate checking account with a bank or other depository for estate monies and assets. After the court has reviewed the accounting and determined that all debts and taxes have been paid, it will issue an order authorizing the distribution of the assets to the beneficiaries or heirs. BOX 1130 MARTIN M. SHENKMAN TELEPHONE: (201) 845-8400 FORT LEE, NEW JERSEY 07024 What to Do if You Inherit a Weapon as Part of an Estate Administration, NJ Estate Administration Ancillary Probate. Take care of administrative details. By choosing a fiscal year that ends on January 31, the executor assures that any income distributed during Year 1 will not be included in the beneficiarys income until Year 2. IN NO EVENT SHALL HANLON NIEMANN & WRIGHT BE LIABLE FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES RELATING TO THIS MATERIAL, FOR ANY USE OF THIS PUBLICATION. this guide offers a helpful checklist. Portability Election. Another option is to proceed without the Will in accordance with the intestacy laws. An application for a Federal Tax I.D. In the best case, you were asked by your friend, loved one, or associate, to undertake these duties when they were preparing their estate planning documents, such as a Will. While ultimately it is the beneficiary who must elect to make a qualified disclaimer, the executor will often be included in the decision and whether such election is best for the estate and the beneficiary. Any information found on this website does not constitute legal advice, nor a solicitation of clients, nor does it create an attorney-client relationship between the reader and WSH LAW LLC. An executor of an estate is an individual who oversees the division and distribution of the deceaseds estate, including their property and assets. It may not address all the details that have to be completed. However, where the estate is using both the applicable exclusion amount and the marital deduction to eliminate estate taxes, the executors decision regarding where to deduct the medical expenses may affect each beneficiary differently. Executors have 60 days to contact all of the deceaseds heirs and notify them. An Estate in New Jersey must be opened in the Surrogates Office in the County where the decedent resided. We will handle this for you. In many cases, the executor will want to choose a fiscal year that ends after the close of a beneficiarys taxable year. There are many tasks and responsibilities facing a newly appointed executor or estate administrator. One thing that a Trust does not cover is guardianship arrangements for the grantors children and instructions regarding the settlement of debts and taxes; these issues can be covered in a Will. Understanding the Statute of Limitations for the Underpayment or Failure to Pay NJ Death Taxes, Probating the Will of a Foreign Resident Decedent in New Jersey. Phone: (732) 863-9900 Read more. . An executor or administrator needs proof of his or her authority when dealing with creditors, banks, custodians, government agencies, and all third parties. In either situation, during the visit to the Surrogate's Court, you will be asked to provide the names, addresses and (if known) the social security numbers Apply to the appropriate Court (typically a Surrogates Court) to have the Will probated (or proved) to the satisfaction of the Court and over the objections, if any, of the parties interested in the estate. Generally, the assets of an estate are valued as of the decedents date of death. The person seeking to qualify as Administrator will need the following: If you have any questions about the probate or administration process in your county in New Jersey, you can call your local Surrogates office or the law offices of Ward, Shindle & Hall for assistance. They however can NOT be submitted online, or saved. An individual appointed as a principals financial agent will be in charge of all of their financial affairs. The probate application form is necessary to petition the court to appoint an executor formally. You'll have to file a probate petition with the surrogate's court of the county where the deceased resided within a year of death to have the will approved as legally valid. In support of the application, the named Executor must explain what efforts he or she made to locate the original Will. $.' 7. It contains the names of the individuals or institutions whom you want to receive your assets. If a New Jersey court deems an executor mentally or physically incapacitated and unable to perform their executor duties, the court may appoint another individual. Disclaimer | Privacy Policy | Site, About Hanlon Niemann & Wright and Our Attorneys, Business, Partnership & Corporate Litigation, Including Arbitration, Elder Law, Disability and Guardianship Rights, Medicaid Eligibility and Protecting Assets from a Nursing Home, Probate Estate Litigation and Will Contests, Checklist of Things to Do When a Person Dies, Estate and Probate Administration Services, Heres a Guideline of Responsibilities for the Executor to Follow, Easy to Follow Checklist of Things to Do When a Person Dies and the Estate Needs to Be Probated, Objections to a Last Will and/or the Appointment of the Executor or Administrator of the Estate. As to income taxes, Executors are responsible for arranging for the preparation and filing of decedents final personal income tax return, as well as returns for income earned following decedents death. After all of the above is concluded, income and death tax returns have been filed and approved, the Executor must account to the beneficiaries for their financial activities showing a) what they started with (e.g. Surrogate-P-14 PETITION FOR SUCCESSOR LETTERS TESTAMENTARY. We're here for you 24/7. CONDEMNATION DO NOT SLEEP ON YOUR RIGHTS. Before you begin preparing New Jersey Probate Forms, see if you're qualified to become an property executor. There is a statutory order of priority in which the debts of the Estate must be paid regardless of whether the Estate is solvent or insolvent. This responsibility is called a fiduciary duty the legal duty to act solely in the best interests of another or others. Generally, if the estate is nontaxable, taking the deduction on the final return will result in the greatest tax savings. A Last Will and Testament does not affect the estate during the testators lifetime, it only comes into effect after they die. Petition for Letters of Administration c.ta. Its my pleasure to be of assistance. If property of the decedent is located outside of New Jersey, additional proceedings are probably necessary (Often referred to as ancillary probate), which means probating the will of the decedent in a state outside of NJ in order to legally transfer ownership of the property to the legal beneficiaries. Any portion of the principals estate not mentioned in an estate planning device will cause delays and complications for the representative in charge of distributing the estate. tax, legal etc) for more advice on the various activities you may be . Gift Taxes vs. Inheritance Taxes: Which is Worse? <> 3499 Route 9 North, Suite 1F Workers Compensation Bar Does Not Prevent Third-Party Claims, Changing Circumstances And Estate Planning, Basics of Real Estate Transactions in New Jersey, When to Challenge a Will for Fraud, Undue Influence, or Insane Delusion, How to Include Charitable Gifts in Your Estate Planning in New Jersey, An Unsigned Will Found to Be Invalid in New Jersey. So from a cost standpoint, the question is which is more costly the legal expenses of going to Court or the cost of posting a bond, assuming a bond will be required. The executor is legally obligated to diligently research and find the whereabouts of all property owned by the deceased at the time of death and the whereabouts of all beneficiaries and next of kin named under the Last Will. Submitting the Will. Order within 2 hrs 22 mins endobj Nursing Home Coronavirus Questions to Ask to Protect Your Loved Ones, How to Address New Jersey Nursing Home Abuse and Neglect, New Jersey Nursing Home Abuse Laws and Regulations, New Jersey Nursing Home Abuse and Neglect, Hiring a New Jersey Nursing Home Abuse Lawyer, Nursing Home Abuse: Types, Signs & How to Report, Howard Law Sets Important New Legal Precedent in the Protection of Nursing Home Patient Rights, Bergen County Jury Awards $1 Million Verdict against Englewood Plastic Surgeon Who Performed Eyelid Surgery Without Consent. When is a Guardianship or a Power of Attorney Appropriate? With an insolvent Estate the order in which debts are paid is highly relevant because an insolvent Estate cant pay all its bills. If you do, we'll connect you to a qualified lawyer today. Executor's Guide, The: Settling a Loved One's Estate or Trust: Randolph J.D., Mary: 9781413328325: Amazon.com: Books Books Business & Money Personal Finance Buy new: $33.79 List Price: $39.99 Details Save: $6.20 (16%) FREE Returns FREE delivery Friday, March 17 Or fastest delivery Thursday, March 16. (after Probate) Administration c.t.a. N.J.S.A. Should You Apply to be the Administrator of a Deceased Persons Estate Who Died Without Having a Will? With respect to the corpus commission, generally, the executor is entitled to a commission on all corpus all assets held by the estate as follows: 5% on the first $200,000 of all corpus . Published by The New Jersey Herald on Nov. 4, 2010. . Forward the Mail. 4 0 obj A bond is issued by a surety company and protects against the possibility that the executor or administrator does not distribute the Estate assets to the person(s) who are entitled to them. Your final steps as an executor include paying any debts and taxes owed by the estate, distributing assets and providing an accounting for the estate to the beneficiaries. If a spouse is surviving, do not allow health, disability, long-term care, life and other insurance policies to lapse. NEW YORK 10016 How to be an Executor Checklist MARTIN M. SHENKMAN, P.C. But be aware that in . 3. General Executor Checklist Serving as the executor of an estate can be a challenging responsibility, and require significant effort over time: the average executor spends 570 hours fulling his or her duties, over a period of 16 months. By using the website, you agree to our use of cookies to analyze website traffic and improve your experience on our website. follows the legal, rather than the equitable, title. Disclaimer | Privacy Policy | Site, About Hanlon Niemann & Wright and Our Attorneys, Business, Partnership & Corporate Litigation, Including Arbitration, Elder Law, Disability and Guardianship Rights, Medicaid Eligibility and Protecting Assets from a Nursing Home, Probate Estate Litigation and Will Contests, In order to protect and ensure that all functions of the executor/administrator are performed properly, consider talking to and/or meeting with Fredrick P. Niemann, Esq. Are valued as of the application, the named executor must ask a court to appoint an executor an! May receive large pieces of furniture the decedent may have capital gain losses can. Which is Worse be set on a probate money or assets taking the deduction on the last day any. Deceased Persons estate who Died without Having a will the testator at time. A Spouse responsible for correctly executing the deceaseds money or assets or submitting information through website! 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