You were assigned to serve as the executor of a loved one’s estate. You go about your business, getting everything ready for distribution to beneficiaries, when all of a sudden the claims start piling in against the estate. Estate litigation is unavoidable, but how will you pay for it? Whether the probate and estate administration process is being completed in New Jersey or elsewhere, you may be able to utilize estate assets to pay for litigation.
Closing out an estate should be a pretty straightforward affair, right? You’d think so, but that is not always the case. Some people die without estate plans in place. Some people leave behind wills that may be challenged. Some people leave behind financial messes that must be resolved before beneficiaries see anything.
The point is, things happen that make estate litigation inevitable. If that happens, resolving the issue can take time and can get expensive. The executor should not have to pay, nor is he or she expected to pay, out of pocket to resolve estate litigation matters — unless he or she caused the issue, but that is a whole other matter.
There are very specific rules regarding when estate assets can be used to pay for estate litigation matters in New Jersey. It all comes down to the details. If you find yourself in an executor position and need help handling claims against the estate, you do not have to handle them alone, nor do you have to bear the burden of figuring out if estate assets can be utilized to cover the cost of litigation. An experienced attorney can help you with all of it. To learn more, please take a moment and visit our firm’s website.