When an individual passes away, hopefully, they have left behind a comprehensive estate plan that details all of their wishes for after they are gone. While this is not always the case, those that do have an estate plan will usually also appoint an individual to act as the executor of their estate. The executor is the individual that has the responsibility of administering the decedent’s estate and ensuring that all of their wishes are carried out. It is important for the executor to be aware of how important their role is before they accept it.
Before the executor can close the estate, they have a lot of matters to handle. The executor needs to have the will accepted by the probate court in order to have their power granted. Then, they will have to gather all of the decedent’s assets, establish their value, and keep them in a safe place. In addition, the executor will be responsible for paying the decedent’s outstanding taxes and other debts that must be resolved. Once this is done, the executor can distribute the assets to all of the beneficiaries named in the will.
Of course, this is more complicated if the individual does not have an estate plan. Contact us today.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.