Submitting the Will
You’ll have to file a probate petition with the surrogate’s court of the county where the deceased resided within a year of death to have the will approved as legally valid. The petition must include all of the following:
- The deceased’s original will.
- A certified copy of the death certificate of the deceased.
- A list of immediate family members.
Gathering Assets of the Estate
You will need to gather up all of the deceased person's assets, assess their value, and maintain them if necessary until they are distributed or sold according to the terms of their will. These assets may include:
- Bank accounts and credit card accounts,
- Investments such as stocks and bonds,
- Real estate,
- Retirement accounts such as 401(k)s or IRAs,
- Personal property such as furniture or jewelry,
- Vehicles and boats,
- Life insurance policies.
Paying all Debts and Taxes Owed
Another responsibility of the estate executor is to pay off any debts owed by the deceased before distributing assets per the terms of their will or following state law. These obligations include funeral expenses, outstanding loans and mortgages, credit card bills, and any other outstanding debts. The executor is also responsible for filing any of the deceased’s outstanding tax returns, as well as an estate return if the estate had been generating income during the probate process.
Notifying Relevant People About the Deceased
One of the primary responsibilities of an estate executor is to notify all relevant people about the death. This includes letting family and friends know about the passing and informing any creditors or other organizations that may have a claim against the estate.
Distributing Assets According to Wishes in a Will
If there's a valid will or trust in place at death, then the executor must follow its instructions regarding the distribution of assets among heirs once all outstanding debts have been paid. If there’s no will, then the assets will be distributed according to New Jersey’s intestacy laws.
