What are my duties as an Administrator or Executor?
Although the duties of an Administrator and an Executor can vary, normally because the Administrator distributes assets in accordance with statutes, while the Executor follows the terms of a Will, there are some general responsibilities to which both must attend. After being appointed as the personal representative of the estate, you will be required, in part, to:
Provide the required notice to heirs, relatives and other interested parties;
Ascertain and gather the assets of the estate;
Pay lawful and legitimate expenses related to the Decedent and/or the Estate;
Prepare, if necessary, the Decedent’s final income tax return, an estate income tax return, a federal estate tax return, a New Jersey Inheritance tax return and/or a New Jersey Estate tax return;
Ensure that all necessary taxes are paid;
Prepare an informal or formal accounting;
Distribute assets and obtain the necessary release and refunding bonds so that you may be discharged from your services as the estate’s representative.
Numerous issues can complicate the process and a variety of questions can arise as to some or all of the above, many or most of which we have dealt with in the past.
There is no time like the present to prepare for the future. When you need skilled legal representation for your wills, come to Sherman Law Offices for our assistance. Contact us today at (856) 823-4086.