When
an individual dies leaving a Will, the Will usually names
an executor to manage the estate, pay the debts of the
estate and to distribute the assets. When there is no
Will involved, an administrator is appointed by the court
to perform the same duties. The probate process begins
when the death certificate and Will are provided to the
Surrogate’s office in the county in which the decedent
resided at the time of his death. Once the application
is completed, the Surrogate signs a judgment and issues
Letters Testamentary, which certify the Will. It is the
executor/administrator’s duty to be able to determine
if federal estate taxes, state inheritance taxes and federal
and state income taxes are due. If real estate is involved,
a tax waiver must be obtained prior to sale of the property.
If a Trust is involved, the trustee is responsible for
complying with the Prudent Investor Act, which requires
that the trustee invest the Trust assets prudently.
Michael D. Weinraub, Certified Elder Law Attorney, provides experienced Elder Law, Estate Administration, and Will creation services to clients in South Jersey, including, but not limited to, the surrounding communities of Atlantic City, Ventnor, Margate, Longport, Galloway, Egg Harbor Township, Linwood, Northfield, Somers Point, Brigantine, Hammonton, and Ocean City; and in Atlantic County, Cape May County, and Ocean County.
