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What is the Executor of Estate in a Probate Case

What is the Executor of Estate in a Probate Case

The Will sets forth who will be the Executor of Estate after the person dies. If there is no Will, a much more complicated procedure must be started for a family member to become an Administrator of the estate.

The executor must “probate” the Will. Probate is a process by which a Will is admitted. This means that the Will is given legal effect by the court. The court’s decision that the Will was validly executed under state law gives the executor the power to perform his or her duties under the provisions of the Will.

An employer identification number (“EIN”) should be obtained for the estate if there are several beneficiaries; this number must be included on all returns and other tax documents having to do with the estate. The executor should also file a written notice with the IRS that he/she is serving as the fiduciary of the estate. This gives the executor the authority to deal with the IRS on the estate’s behalf.

Pay the Debts. The claims of the estate’s creditors must be paid. Sometimes a claim must be litigated to determine if it is valid. Any estate administration expenses, such as attorneys’, accountants’ and appraisers’ fees, must also be paid.

Manage the Estate. The executor takes l title to the assets in the probate estate. The assets of the estate must be found and may have to be collected. As part of the asset management function, the executor may have to liquidate or run a business or manage a securities portfolio. To sell marketable securities or real estate, the executor will have to obtain tax waivers, file affidavits, and so on.

Executor and Attorney to do :

– Bring Will to Surrogate and obtain Executor’s Certificate
– After you receive papers from Surrogate,
go to post office and do a change of address,
maybe change locks on house if needed
– Apply to Federal Tax ID # if needed
– Set up Estate Account at bank (pay all bills from estate account)
– Notice of Probate to Beneficiaries (Atty)
– If charity, notice to Atty General (Atty)
– File notice of Probate with Surrogate (Atty)
– Prepare Inheritance Tax Return and obtain Tax Waivers (Atty)
– Type up list of all assets and all liabilities
– Email to beneficiaries if applicable
– Pay Bills
– File NJ Tax waivers on real property with County Clerk with(Atty)
– File first Federal and State Income Tax Return [CPA- ex Marc Kane]
– Sell applicable assets
– If house, select realtor to sell house “as is”
– Prepare Informal Accounting after assets sold
– Prepare Release and Refunding Bond (Atty)
– Obtain Child Support Judgment search if needed
– File Release and Refunding Bond with Surrogate after all beneficiaries sign.

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