When a person dies, a process recognized as "estate administration" must be carried out. This refers to all the procedures which must be followed in distributing a person's estate to their heirs or devisees.
If the decedent wrote a will before his or her death in Magnolia, New Jersey, the process will be carried out according to the directives contained in the will, assuming they are valid and enforceable.
Commonly, the will appoints an executor whose job it is to oversee the administration of the will.
The executor typically has at least some work cut out for them. This evidently raises the issue of compensation. The easiest way to ensure that the executor does his or her job is simply to appoint the person who has the most to gain from the will. That way, they cannot inherit until the process is completed.
What if The Will Does Not Name an Executor?
If a Magnolia, New Jersey will does not appoint anyone to serve as executor, or there is no will, the court has to choose someone to fill that role.
Normally, this will be the person who has the most to receive from the will, or who would gain the most under New Jersey's intestacy scheme (the system that distributes the decedent's property to his or her closest living relatives, if he or she dies without a will).
If the will doesn't name a person who is to serve as executor, or the person named is no longer alive or cannot be found, anyone with a direct interest in the will can apply to the Magnolia, New Jersey court to be the executor.
Once an executor is appointed (whether by being named in the will, or on the application of another person), they "step into the shoes" of the estate, and are expected to protect its interests to the fullest extent possible. They also are required to accurately inventory the estate's debts and assets, as well as notify potential beneficiaries.
Can a Magnolia, New Jersey Estate Administration Attorney Help?
If you are the administrator of an estate, and are not a legal and/or financial professional, you might face legal or tax issues with which you are unfamiliar. A Magnolia, New Jersey attorney would be extremely helpful in such a situation.