Are you trying to decide who to appoint as your will executor in New Jersey? This important decision could have ripple effects for your entire family, and deciding who to instill in this role is well worth taking some time.
Your NJ estate planning lawyer can help you determine the role that a will executor will have in the management of your estate.
The tasks that must be carried out by an executor are important and include:
- Collecting and managing all assets, including liquid and illiquid ones
- Filing appropriate tax returns for the estate
- Pay taxes and debts
- Distributing any remaining assets as directed by the deceased
The executor is key in probating the will. This is the process by which the will is admitted to court. The determination by the court that the will is legal is important because it empowers the executor to move on with his or her duties.
The executor also takes legal title for estate assets, and this means that an accounting might be required. Running a business, managing a securities portfolio, or liquidating assets are all steps that might be taken by an executor depending on the complexity of the estate itself.
It’s recommended that you choose someone who is familiar and comfortable with financial and tax matters since this is a key task carried out by the executor. Taxes typically have to be paid in advance of other debts, but getting the assistance of a probate lawyer is helpful in ensuring that each step taken by the executor is the proper one for the situation at hand.