Magnolia, New Jersey has a legal process known as "probate." This is when a court decides 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 Magnolia, New Jersey will determine the validity of the will, inventory the decedent's assets and debts, then, assuming everything is found to be in order, distribute the estate according to the will.
Normally, the executor of the estate is named in the will. However, if nobody is named as an executor, the probate court in Magnolia, New Jersey will appoint an administrator to serve the role as the executor. This is normally the closest adult relative of the decedent, or the person who stands to inherit the most.
The main duty of the executor is to serve as the living incarnation of the estate. Their job is to initiate probate proceedings, and see them to completion. If an executor has to be appointed by the court, it will normally be the person who stands to inherit the most from the will, as he or she has an incentive to make every effort to avoid delay.
Duties of the Executor in Magnolia, New Jersey
Executors of estates have a many distinct responsibilities. First, the executor must start the probate proceedings. Probate almost always needs to be completed before the property in an estate can be released according to the terms of the will.
The executor also has to give those with a direct interest in the will notice that the decedent has died, by filing an official death certificate.
If the decedent was even moderately well-off financially, it's likely that they'll have considerable amounts of both debts and assets. The executor is tasked with formulating 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 required court papers, and, if necessary, hiring an attorney for assistance. If the estate is large, and the executor stands to inherit a great deal of money once this process is fulfilled, they'll probably find it to be worth the time and expense.
How Can A Magnolia, New Jersey Lawyer Help?
Because of the intricacies involved in probate, it would be a brilliant idea to consult with and retain a Magnolia, New Jersey attorney who specializes in probate, especially if you are the executor of an estate.