Prospect Park, 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 Prospect Park, 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 Prospect Park, 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 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 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 Prospect Park, New Jersey
The executor has several duties concerning the will. First of all, they have to actually initiate the probate proceedings with the court, and this procedure has to be finished before the will takes effect.
They further are required to provide notice to the people with a direct interest in the estate that the decedent has died, normally by filing a death certificate.
Executors are also obligated to make available an accounting of the testator's debts and assets, so their affairs can be wound up, along with a list of everyone who is named in the will, or otherwise stands to inherit.
Because the executor serves as the living symbol of the decedent's estate, they are solely responsible for proving the validity of the will. This is a lot of work, but because executors are normally chosen based on how much they stand to inherit from a will once its validity is confirmed, they have a good incentive to see the process to completion.
How Can A Prospect Park, New Jersey Lawyer Help?
Because this can be (though isn't always) a fairly difficult process, it's a good idea to get a brilliant probate lawyer in Prospect Park, New Jersey, especially if you find yourself being the executor of an estate, and aren't sure how to proceed.