Pitman, New Jersey has a legal process known as "probate." This is when a court determines whether or not a will is legitimate, and, accordingly, whether or not to effectuate its provisions.
As part of the probate procedure, the court in Pitman, 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.
Usually, the executor of the estate is named in the will. However, if nobody is named as an executor, the probate court in Pitman, New Jersey will assign 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 general duty of the executor is to serve as the living incarnation of the estate. Their job is to commence 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 Pitman, 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.
Also, it's the executor's job to notify all affected parties that the person who made the will has died. "Interested parties" are generally people who are named in the will, or who would inherit the estate if the decedent had died without a will.
If the decedent was even reasonably well-off financially, it's likely that they'll have significant amounts of both debts and assets. The executor is tasked with creating 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 necessary 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 complete, they'll probably find it to be worth the time and expense.
How Can A Pitman, New Jersey Lawyer Help?
Because of the complexities involved in probate, it would be smart to hire a reputable Pitman, New Jersey probate lawyer, especially if you are the executor of an estate and unsure how to proceed.