What is the Executor of Estate in a Probate Case
When someone passes away with a valid Will, the Executor becomes the person who carries out the terms of the Will. When there is no Will the process becomes much more difficult and expensive and is called an Administration.
The Executor must "probate" the Will. Probate is a process by which a Will is admitted. This means that the Will is given legal effect by the court.
When the attorney receives the initial call from the Executor, the attorney will Email or mail a Probate/ Inheritance/ Estate Administration Questionnaire below. This interview form is simple and does not ask for detailed financial information that often is not needed at first.
Prior to Covid, Executors had to make a personal appearance in the County Surrogate’s Office. During to Covid, County Buildings and Surrogate’s offices were closed to the public. Therefore, to handle probate matters when there is a valid Will, the Surrogate office’s amended procedures to admit the Will to probate. Typically, the attorney will first fill out the Surrogate’s Information Sheet.
Then the attorney will forward the Surrogate’s Information Sheet together with a copy of the Will and copy of Death Certificate. Each County Surrogate has its own procedures.
Then the Surrogate is hand delivered or sent by certified mail:
- Original Will
- Original Death Certificate
- Signed Surrogate papers
- Check approximately for $160
Typically the attorney will receive paperwork from the Surrogate to be signed by the Executor then we file with the Surrogate:
- Notarized Application for Probate
- Notarized Auth to accept process
- Notarized child support form
Thereafter, the Surrogate will forward your attorney or your executor the Letters Testamentary. The attorney handle almost everything by email, fax and certified mail to make it easier for Executor.
After Letters Testamentary received, the Executor and Attorney next:
After Executor receive papers from Surrogate,
go to post office and do a change of address, maybe change locks on house if needed
Apply to Federal Tax ID # if more than one beneficiary
Set up Estate Account at bank (pay all bills from estate account)
Notice of Probate to Beneficiaries (Atty typically will handle)
If charity, notice to Atty General (Atty typically will handle)
File notice of Probate with Surrogate ((Atty typically will handle)
Type up list of all assets and all liabilities
Email to beneficiaries if applicable
Prepare Inheritance Tax Return and obtain Tax Waivers (Atty typically will handle)
Pay Bills
Sell applicable assets that do not have a beneficiary
If house, select realtor to sell house “as is”
File NJ Tax waivers on real property with County Clerk with (Atty typically will handle)
File personal Federal and State Income Tax Return in Janaury [CPA to handle]
Prepare Informal Accounting after assets sold
Prepare Release and Refunding Bond (Atty)
Obtain Child Support Judgment search if needed
File Release and Refunding Bond with Surrogate after all beneficiaries sign.
An employer identification number ("EIN") should be obtained for the estate if there are several beneficiaries; 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 l title to the assets in the probate estate. 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 tax waivers, file affidavits, and so on.
