Thomas N. Torzewski, LLC Morris County Estate Planning And Litigation Lawyers
Schedule A Consultation
973-532-2868
Menu Contact
Personal Attention And A Professional Approach Uniquely qualified to handle both estate planning and litigation, as well as business law and family law matters.

Choosing the right executor

Selecting your executor is an important part of planning your estate. The right executor can help the probate process go smoothly and ensure that your wishes are carried out. Conversely, an executor who is unable or unwilling to perform the necessary duties can cause serious problems.

To start considering who should serve as your executor, it can help to understand the specific matters he or she will need to handle. Other relevant factors include the types and extent of your assets, whether complex tax or appraisal issues will arise and whether you anticipate contention among the beneficiaries.

Beginning probate

In New Jersey, the executor starts the probate process by submitting the will to the court. Once the court recognizes the will as valid, the executor proceeds to the next step.

Inventorying and accounting

After taking title to the estate's assets, the executor will need to make a complete list of the assets and their value. This may necessitate the services of a professional appraiser. The executor has a duty to properly manage the estate's assets until they are distributed. This may mean handling real estate maintenance, collecting rents, running a business or monitoring investments. Sometimes, the executor will need to sell off or liquidate assets. In the course of these activities, the executor must act to avoid wasting assets and to preserve or increase their value as much as possible.

Settling liabilities

The executor must also pay the estate's liabilities. This includes fees connected with administering the estate, such as court fees or payments to appraisers and managers. This also includes settling debts. In some cases, the executor may have a duty to litigate a debt; paying a debt of questionable validity may constitute a failure of duty. Before paying other liabilities, the executor must settle and pay any taxes due, such as estate and income tax.

Additional considerations

As a matter of practicality, it is preferable to appoint an executor with the right experience and knowledge to handle your estate. You should also consider the prospective executor' state of health, other responsibilities and any other factors that could make administering the estate an undue burden. Because circumstances can change, it is prudent to appoint an alternate executor in the event that your first choice becomes unable to serve.

No Comments

Leave a comment
Comment Information

Contact The Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Thomas N. Torzewski, LLC

Torzewski & McInerney, LLC
60 Washington St
Suite 104
Morristown, NJ 07960

Phone: 973-532-2868
Fax: 973-359-0077
Morristown Office Location