Lyndhurst, New Jersey has a legal process known as "probate." This is when a court determines whether or not a will is valid, and, accordingly, whether or not to effectuate its provisions.
As part of the probate procedure, the court in Lyndhurst, 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 Lyndhurst, 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 incentive to move the process along as quickly as possible, so they can get their inheritance.
Duties of the Executor in Lyndhurst, 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.
If the decedent was even reasonably well-off financially, it's likely that they'll have substantial amounts of both debts and assets. The executor is tasked with drafting an accurate accounting of the debts and assets of the estate, so as much of the decedent's debts can be paid off as possible.
As the representative of the estate, the executor has to take charge of the probate process, filing the proper court papers, and, if necessary, hiring an attorney for guidance. If the estate is large, and the executor stands to inherit a great deal of money once this process is done, they'll probably find it to be worth the time and expense.
How Can A Lyndhurst, New Jersey Lawyer Help?
Because this can be (though isn't always) a fairly complicated process, it's a good idea to get a reliable probate lawyer in Lyndhurst, New Jersey, especially if you find yourself being the executor of an estate, and aren't sure how to proceed.