Probate Process in New Jersey is a court-supervised legal process that may be required after someone dies. Probate gives someone, usually the surviving spouse or other close family member, authority to gather the deceased person’s assets, pay debts and taxes, and eventually transfer assets to the people who inherit them.
The basic steps of the probate process in New Jersey:
- The validation of the will
- Appointing an executor
- Taking an inventory of the estate
- Paying the claims against the estate
- Paying all estate taxes
- The distribution of any remaining assets
A more thorough breakdown of the major steps of the probate process in New Jersey:
- Obtain Probate Papers and Qualify as an Executor
- This is the legal process which establishes the genuineness of the will.
- Inventory of the Estate
- This inventory must define a fair market value for all assets in the estate.
- Pay Claims of the Estate
- The liabilities as well as assets must be discovered and valued.
- Death and Taxes
- All applicable tax forms must be completed and sent to the IRS, and estate taxes must be paid.
- Final Accounting
- This accounting includes the initial inventory, all earnings, sales, and bills and taxes paid.
- The Last Round Up
- At this time, the heirs are paid out according to the orders contained in the will.
- All beneficiaries must sign a release and refunding bond before the estate will send out a check to any beneficiary.
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