People in New Jersey who have been appointed executor of a will or who have been asked by a loved one to act as executor might wonder what responsibilities are involved. An executor's job involves locating assets, paying bills and distributing assets to beneficiaries based on a person's will.
Many individuals living in New Jersey and all over the world have social media accounts. People of all ages use platforms such as Twitter and Facebook to stay connected with friends and loved ones and as a source of news. However, once someone passes away, his or her accounts still remain active, which can result in people being given painful reminders of another person's passing in their timeline or friend recommendations.
Individuals in New Jersey who have been named as an executor of a parent's will should be aware of what the role entails. Understanding the responsibilities is the first step in making sure that a parent's last wishes are correctly carried out.
New Jersey residents are often honored when they are asked by a close friend or relative to act as the executor of their wills after they pass away. The duties of an executor are important, but they can also be difficult and thankless for the unprepared. The executor is tasked with ensuring that the wishes of a testator are carried out while abiding by the strict rules laid down by applicable law, and understanding the major challenges involved can make this process far less onerous.
Most New Jersey residents who are contemplating the preparation of their wills know that one of the important tasks is the appointment of an executor. This person is entrusted with a wide variety of responsibilities, one of the most important of which is ensuring that the provisions of the will dealing with the distribution of the testator's property to the designated beneficiaries are followed in a timely and complete manner.
The end of a person's life has been speculated about endlessly in books and songs. Less poetic, perhaps, but necessary after a loved one's life has ended is a familiarity with estate administration.
When a loved one passes away, there is grief and loss to try to grapple with and accept. But like so many times in life when we least want to be bothered with legalities, paperwork and details, the time of mourning also includes those intrusions.
After someone passes away, an estate administrator will generally need to take care of settling a person's estate. This can be a very difficult and complex process, especially if the deceased has not left an estate plan with instructions on what he or she wants. Whether there is an estate plan in place or not, it can be very complicated to sort out who needs to be notified, which assets must be collected and distributed, which debts need to be paid and what forms must be filed.
When people are developing an estate plan in New Jersey, they typically put a lot of focus on how their money, properties and other significant assets are distributed. Because of their financial value, many people assume that these are the things that loved ones will find the most important. However, the truth is that an effective estate plan may want to address something that people find even more valuable than money.