Lincroft, New Jersey has a legal process known as "probate." This is when a court determines whether or not a will is lawful, and, accordingly, whether or not to effectuate its provisions.
As part of the probate procedure, the court in Lincroft, New Jersey will decide the validity of the will, inventory the decedent's assets and debts, then, assuming everything is deemed to be in order, distribute the estate according to the will.
Typically, the executor of the estate is named in the will. However, if nobody is named as an executor, the probate court in Lincroft, New Jersey will assign an administrator to serve the role as the executor. This is typically the closest adult relative of the decedent, or the person who stands to inherit the most.
The executor is the person accountable for initiating the probate proceedings. The person who would inherit the most from the will is appointed, because they have the greatest reason to move the process along as quickly as possible, so they can get their inheritance.
Duties of the Executor in Lincroft, New Jersey
The executor has various duties concerning the will. First of all, they have to actually initiate the probate hearings with the court, and this procedure has to be finalized before the will takes effect.
They additionally are obligated to provide notice to the people with a direct interest in the estate that the decedent has died, typically by filing a death certificate.
Executors are also obliged to make accessible an accounting of the testator's debts and assets, so their affairs can be wound up, along with a list of everybody who is named in the will, or otherwise stands to inherit.
Because the executor serves as the living representation of the decedent's estate, they are solely accountable for proving the validity of the will. This is a lot of work, but because executors are typically chosen based on how much they stand to inherit from a will once its validity is confirmed, they have a good incentive to see the process to finalization.
How Can A Lincroft, New Jersey Lawyer Help?
Because of the difficulties involved in probate, it would be a reliable idea to consult with and retain a Lincroft, New Jersey attorney who specializes in probate, especially if you are the executor of an estate.