| PROBATE AND ADMINISTRATION OF AN ESTATE- Legal Representation |
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| Classified Id |
VVWSRXSB |
| Asking Price |
Wanted item or service |
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1 item |
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Taxes are not applicable |
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| Seller will ship to the United States Only | |
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| Renewed Date | 22-Jul-2008 10:13:40 AM EST |
| Expiration Date |
20-Sep-2008 10:13:40 AM EST |
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Seller Information |
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| Kvercammen member since 19-jan-2008 |
|  Edison, New Jersey, USA |  Phone:(732) 572-0500 |
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Classified Details |
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 | PROBATE AND ADMINISTRATION OF AN ESTATE IN NEW JERSEY- legal representation
By Kenneth Vercammen of Edison
There is a New Probate Law in New Jersey which changes some of the procedures required. Upon the death of a person, a probate proceeding may be commenced by offering the decedent's (the dead person's ) last Will for probate in the Surrogate's Court of the county in which the decedent was domiciled at death. R. 4:80-1(a). Generally, the Executor nominated in the Will brings the proceeding by filing a verified application with the Court.
To minimize time spent in the Surrogate's Court, it is recommended, and in some counties required, that before an Executor submits the Will for probate the attorney/ applicant send the Court:
1) a "data sheet" (referred to in some counties as an "information sheet" or a "fact sheet") containing the information needed by the Court to complete the application;
2) a copy of the Will; and
3) a copy of the death certificate.
The probate application must contain the following information:
1. the applicant's residence;
2. the name, domicile and date of death of the decedent;
3. the names and addresses of the decedent's spouse, heirs (those entitled to take under the laws of interstate succession), and any person named to serve as Executor;
4. the ages of any minor heirs; and
5. the names of the testator's children when the Will was made and the names of children born and adopted after the Will was made, or their children, if any.
Mailing Probate Notices
After a Will is admitted to probate, the Attorney or Executor must mail within 60 days a notice of probate to the decedent's spouse, heirs and all beneficiaries under the Will. The notice of probate should contain the executor's name and address, place and date that the Will was probated, and an offer to furnish a copy of the Will upon request. Within 10 days of mailing the notice the Executor should file proof of service of the notice with the Surrogate's Court. Once notice of probate has been sent and proof of mailing has been filed the probate process is essentially completed.
When there is a Will, the person in charge of the Estate is called the Executor. If no Will, the person in charge is called the Administrator
How is an Administrator appointed when there is no Will?
If all heirs cannot agree on who will serve as an administrator, then the heir requesting to be appointed as administrator must have their attorney file a Complaint and Order to Show Cause to request the court appoint you as administrator. In most cases, a surety bond must be furnished to cover the value of the real and personal property in the estate.
MINIMUM DUTIES OF EXECUTOR/ ADMINISTRATOR
ACCORDING TO THE MIDDLESEX COUNTY SURROGATE WEBSITE, THERE ARE MANY RESPONSIBILITIES OF THE EXECUTOR/ ADMINISTRATOR
- The EXECUTOR/ ADMINISTRATOR is responsible for determining and marshaling all assets of the estate. Your attorney will help. An estate checking account is opened from which bills are paid. It may be necessary to secure a Federal ID number for the estate. You can call the IRS AT 800-829-1040 for an ID number.
- The EXECUTOR/ ADMINISTRATOR is responsible for paying all debts, last illness expenses, inheritance and estate taxes, and administrative expenses from the decedent's assets.
- The EXECUTOR/ ADMINISTRATOR is responsible for filing appropriate State and Federal tax forms as applicable, and forwarding any tax payments due. Your attorney will help.
- The EXECUTOR/ ADMINISTRATOR shall prepare an accounting of the estate assets and disbursements and proposed distribution, which accounting may be proved informally by each beneficiary/heir acknowledging his approval of same. In the alternative, a formal Accounting, Complaint and Order to Show Cause must be filed in the Superior Court
- The Executor has the obligation to distribute the net estate in a timely manner, in accordance with the terms of the will. The Administrator distributes in accordance with the intestate laws of the State of New Jersey
-. Prior to the distribution, each beneficiary shall execute a Refunding Bond and Release prepared by the attorney. Upon receipt of the executed document, the EXECUTOR/ ADMINISTRATOR r issues payment. The original refunding Bonds and Releases are filed with the Surrogate. If every beneficiary does not sign the Refunding Bond and Release, a formal Accounting, Complaint and Order to Show Cause must be filed in the Superior Court
- The EXECUTOR/ ADMINISTRATOR is required by NJ law to initiate a child support enforcement order for any beneficiary receiving in excess of $2,000.00, prior to distribution of any money to the beneficiary. The search shall be conducted by a private judgment search company used by your attorney that will verify results.
How many Surrogate's Certificates ("Shorts") Will I need?
A list of all of the assets of the estate should also be prepared to help determine the number of Surrogate's Certificates that must be issued by the probate clerk in the Surrogate's Office. Your attorney will help you.
Duty of Executor in Probate Estate Administration
1. Conduct a thorough search of the decedent's personal papers and effects for any evidence which might point you in the direction of a potential creditor;
2. Carefully examine the decedent's checkbook and check register for recurring payments, as these may indicate an existing debt;
3. Contact the issuer of each credit card that the decedent had in his/her possession at the time of his/ her death;
4. Contact all parties who provided medical care, treatment, or assistance to the decedent prior to his/her death;
Your attorney will not be able to file the NJ inheritance tax return until it is clear as to the amounts of the medical bills. Medical expenses can be deducted in the inheritance tax.
Under United States Supreme Court Case, Tulsa Professional Collection Services, Inc., v. Joanne Pope, Executrix of the Estate of H. Everett Pope, Jr., Deceased, the Personal Representative [Executor or Administrator] in every estate is personally responsible to provide actual notice to all known or "readily ascertainable" creditors of the decedent. This means that is your responsibility to diligently search for any "readily ascertainable" creditors.
Other duties/ Executor to Do will assistance of your attorney
Bring Will to Surrogate
Apply to Federal Tax ID #
Set up Estate Account at bank (pay all bills from estate account)
Pay Bills
Notice of Probate to Beneficiaries (Attorney will handle)
If charity, notice to Atty General
File notice of Probate with Surrogate (Attorney will handle)
File first Federal and State Income Tax Return [CPA- ex Marc Kane]
Prepare Inheritance Tax Return and obtain Tax Waivers (Attorney will handle)
File waivers within 8 months upon receipt (Attorney will handle)
Prepare Informal Accounting
Prepare Release and Refunding Bond (Attorney will handle)
Obtain Child Support Judgment clearance (Attorney will handle)
Let's review the major duties involved-
In General. The executor's job is to (1) administer the estate--i.e., collect and manage assets, file tax returns and pay taxes and debts--and (2) distribute any assets or make any distributions of bequests, whether personal or charitable in nature, as the deceased directed (under the provisions of the Will
An employer identification number ("EIN") should be obtained for the estate; this number must be included on all returns and other tax documents having to do with the estate. The executor should also file a written notice with the IRS that he/she is serving as the fiduciary of the estate. This gives the executor the authority to deal with the IRS on the estate's behalf.
Pay the Debts. The claims of the estate's creditors must be paid. Sometimes a claim must be litigated to determine if it is valid. Any estate administration expenses, such as attorneys', accountants' and appraisers' fees, must also be paid.
Manage the Estate. The executor takes legal title to the assets in the probate estate. The probate court will sometimes require a public accounting of the estate assets. The assets of the estate must be found and may have to be collected. As part of the asset management function, the executor may have to liquidate or run a business or manage a securities portfolio. To sell marketable securities or real estate, the executor will have to obtain stock power, tax waivers, file affidavits, and so on.
Take Care of Tax Matters. The executor is legally responsible for filing necessary income and estate-tax returns (federal and state) and for paying all death taxes (i.e., estate and inheritance). The executor can, in some cases be held personally liable for unpaid taxes of the estate. Tax returns that will need to be filed can include the estate's income tax return (both federal and state), the federal estate-tax return, the state death tax return (estate and/or inheritance), and the deceased's final income tax return (federal and state). Taxes usually must be paid before other debts. In many instances, federal estate-tax returns are not needed as the size of the estate will be under the amount for which a federal estate-tax return is required.
Often it is necessary to hire an appraiser to value certain assets of the estate, such as a business, pension, or real estate, since estate taxes are based on the "fair market" value of the assets. After the filing of the returns and payment of taxes, the Internal Revenue Service will generally send some type of estate closing letter accepting the return. Occasionally, the return will be audited.
Distribute the Assets. After all debts and expenses have been paid, the executor will distribute the assets. Frequently, beneficiaries can receive partial distributions of their inheritance without having to wait for the closing of the estate.
Under increasingly complex laws and rulings, particularly with respect to taxes, in larger estates an executor can be in charge for two or three years before the estate administration is completed.
Is an attorney necessary in estate administration?
As a practical matter, it is very difficulty for a nonlawyer to correctly follow the required procedures in administering an estate without the assistance of an attorney. The personal representative selects the attorney for the estate. You may wish to call your attorney to give you further advice as to specific duties and obligations.
Am I entitled to compensation for acting as Executor or Administrator?
Yes, depending on the size of the estate. Your attorney will advise you.
How do I handle joint bank accounts or certificates of deposit?
It depends on how the account was held. Your attorney will need to see the account statement and possibly contact the bank.
KENNETH VERCAMMEN & ASSOCIATES, PC
ATTORNEY AT LAW
2053 Woodbridge Ave.
Edison, NJ 08817
(Phone) 732-572-0500
(Fax) 732-572-0030 |
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