Experiencing the death of a family member or loved one can be a stressful and confusing time. This is especially true if you are responsible for managing their estate.
Learning about the general probate process in New Jersey can give you clarity as you move forward.
Probate in New Jersey
In New Jersey, general probate is a legal process for managing the estate of a deceased individual. Going through probate can be complex, but it is important for the estate’s distribution. It provides fair treatment for creditors and beneficiaries based on the law and the deceased’s wishes. General probate also ensures the public recording of assets, which adds a layer of transparency and prevents fraud.
Starting the process
The general probate process starts with finding your deceased loved one’s will and filing a petition with the county surrogate court. Typically, the will names an executor and states how to distribute the assets. If there is no will or the document does not specify the executor, the court can appoint an appropriate administrator.
Once appointed, the executor or administrator has the legal power to act for the estate. They manage the estate’s assets, pay off debts and ensure the distribution of assets as the will or state laws dictate.
Managing the estate
If you are the estate’s administrator or executor, you play a key role in managing your loved one’s property throughout the probate process. Your duties include contacting beneficiaries, paying the estate’s taxes and distributing the remaining assets. You must also keep accurate records and act in the estate’s best interests.
Probate is not necessary in all cases. Some assets, like life insurance policies, are jointly owned or have designated beneficiaries. You can transfer these without going through probate. Also, New Jersey offers simpler procedures for some smaller estates.
Closing the estate
After paying the estate’s debts and giving out the assets, you should file a final accounting with the court. This accounting details all actions taken in managing the estate. Once the court approves this accounting, you can officially close the estate and conclude your duties as executor.
Although going through general probate can seem daunting and time-consuming, it allows you to fairly and legally administer your loved one’s estate.