AN EXECUTOR OF A WILL AND ESTATE IN NJ HAS MANY RESPONSIBILITIES:  GENERALLY, THEY ARE AS FOLLOWS:

Probate the Will or apply for Administration when there is no Will. When a Will is probated in NJ, all beneficiaries named in the Will, spouse, civil union partner, or domestic partner and next of kin must be notified in writing that a Will has been probated. Formalities must be filed as provided by law. 

The Executor is legally obligated to diligently research and find the whereabouts of all property owned by the deceased at death.  

The Executor must open an estate checking account or other depository for estate monies.   Application for Tax I.D. numbers and other formalities required under the law and the New Jersey Probate Code must be followed.

Obtain information as to all outstanding bills, debts or legal obligations of the deceased. (NOTE: With proper advice and procedure it is possible for the Executor or Administrator to request an Order to Limit Creditors issued by the Surrogate to protect against undiscovered obligations.) There are many statutory liens and other potential liabilities that must be researched and satisfied otherwise the estate representative (Executor, Administrator, Personal Representative) can be held personally liable if unpaid.  This is a significant legal risk that must be understood by the Executor, estate administrator and personal representative.

Organize and pay all uncontested bills and resolve all issues regarding questionable bills, debts and/or legal obligations.  Both the Federal Government and the State of New Jersey establish the required valuations of assets as of date of death or sometime thereafter, known as an alternate valuation date.  Questionable and/or disputed bills must be addressed and resolved or the Executor’s estate, Administrator and Personal Representative can be held liable.

File the appropriate NJ estate, inheritance, and income tax returns. There are statutory time limits required for these filings to avoid interest and penalties to the estate and beneficiaries.

Perform all necessary requirements in order to transfer property out of deceased’s name and to beneficiaries.  If property of the decedent is located outside of New Jersey, additional proceedings are 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.