Estate Administration Responsibilities
Dec. 19, 2022
In New Jersey, the responsibilities of an executor or administrator to distribute the decedent's estate assets to heirs in the will depend on the specific terms of the will and the provisions of New Jersey state law.
Generally, the executor or administrator is responsible for managing the decedent's estate and carrying out the provisions of the will. This includes:
Identifying and collecting the decedent's assets: The executor or administrator must locate and gather all of the decedent's assets, including any bank accounts, real estate, investments, and personal property.
Paying debts and taxes: The executor or administrator must pay any outstanding debts and taxes owed by the decedent or the estate. This may include credit card debts, mortgage payments, and taxes.
Distributing assets to heirs: Once the debts and taxes have been paid, the executor or administrator must distribute the remaining assets to the heirs as specified in the will. If the decedent died without a will (intestate), the assets will be distributed according to the laws of intestate succession in New Jersey.
Filing the appropriate legal documents: The executor or administrator may need to file various legal documents, such as a petition for probate, a will, and an inventory of the estate's assets, with the appropriate court.
It is important for the executor or administrator to follow the specific provisions of the will and the laws of the state of New Jersey in carrying out their duties. If they fail to do so, they may be held liable for any losses or damages that result. It may also be advisable for the executor or administrator to seek legal advice to ensure that they are fulfilling their responsibilities properly.