Maywood, New Jersey has a legal process known as "probate." This is when a court decides 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 Maywood, 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.
Usually, the executor of the estate is named in the will. However, if nobody is named as an executor, the probate court in Maywood, New Jersey will appoint an administrator to serve the role as the executor. This is usually the closest adult relative of the decedent, or the person who stands to inherit the most.
The basic duty of the executor is to serve as the living incarnation of the estate. Their job is to begin probate proceedings, and see them to completion. If an executor has to be appointed by the court, it will usually 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 Maywood, New Jersey
Executors of estates have a several distinct responsibilities. First, the executor must start the probate proceedings. Probate almost always needs to be finished before the property in an estate can be released according to the terms of the will.
They also are required to provide notice to the people with a direct interest in the estate that the decedent has died, usually by filing a death certificate.
The executor will also have to compile and make available a list of all of the decedent's debts and assets, as well as a list of those who stand to inherit from the decedent.
As the representative of the estate, the executor has to take charge of the probate process, filing the necessary court papers, and, if necessary, hiring an attorney for help. If the estate is large, and the executor stands to inherit a great deal of money once this process is complete, they'll probably find it to be worth the time and expense.
How Can A Maywood, New Jersey Lawyer Help?
Because of the complexities involved in probate, it would be smart to hire a good Maywood, New Jersey probate lawyer, especially if you are the executor of an estate and unsure how to proceed.