New Jersey Co-Executor Reserving Right To Qualify for Ocean County
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FAQ
The Probate process is required by the state of NJ whenever someone dies. It is the government's way of making sure the assets of the deceased pass properly to their decedents. And of course to insure that any taxes or lien's owed to the state or other parties are fully paid.
An Executor must wait at least ten (10) days from the death of the decedent to probate a Will. Probate must occur before the Surrogate in the County of the decedent's residence at the time of death.
The value of all of the assets left by the deceased person doesn't exceed $20,000, and the surviving spouse or domestic partner is entitled to all of it without probate (NJ Rev Stat § 3B:10-3), or. there is no surviving spouse or domestic partner and the value of all of the assets doesn't exceed $20,000.
A Short Certificate is a legal document that shows the decedent's name and date of death. It will also show the name of the Executor/Executrix who has been named to handle the affairs of the estate. A Short Certificate can be obtained at the Register of Wills office in the county court house.
A will may not be filed for probate until ten days have elapsed since the death of the deceased person. N.J.S.A.The Court Rules only require that notice of probate be mailed to beneficiaries and next of kin within 60 days after the date of the probate of a will.
An estate can be closed in one of four fashions: (1) the funds can simply be distributed directly by the Executor or Administrator to estate beneficiaries; (2) the funds can be distributed to heir(s) after each signs a Release and Refunding Bond waiving his or her right to a formal accounting; (3) distribution can be
An executor is entitled to receive 6% of all income received. (N.J.S.A. 3B:18-13) For example, if an estate receives $50,000 income from stocks and bonds held in a brokerage account. The executor would be entitled to $3,000.