Estate Administration Made Simple
Aug 2, 2023 | Written by: | Share
We frequently receive calls from prospective clients who have been designated to serve as an Executor for the estate of a relative or close friend who has passed away. We provide legal advice and recommendations regarding the relatively simple process of probating the Will and assisting the Executor in making distribution of the assets to the beneficiaries named in the Will.
A crucial part of estate administration has to do with whether or not any of the distributions to be made in accordance with the Will are subject to obtaining New Jersey Inheritance Tax clearance. If so, there is a simplified procedure to obtain Inheritance Tax Waivers for estate assets where all the beneficiaries are Class A (a spouse, child, stepchild or grandchild). If all the beneficiaries are not Class A beneficiaries (for example, a niece or nephew), then a New Jersey Transfer Inheritance Tax Return will need to be prepared and filed with the New Jersey Inheritance Tax Branch, listing the taxable assets that are to be distributed. When the Inheritance Tax return is processed and the taxes paid, Inheritance Tax Waiver forms will be issued in order to free those assets for distribution to the beneficiaries. In most cases, the Inheritance Tax procedure is relatively straight-forward.
The final steps in the administration process are for the Executor to prepare an estate accounting to be approved by the beneficiaries, and to have the beneficiaries execute Release and Refunding Bonds to be filed with the Surrogate’s Office.
Here at Gebhardt & Kiefer, we handle estate administration matters that range from the simple to the complex. If you find yourself in a position where you have been designated to serve as an Executor, please call us for advice and direction regarding how you should proceed to properly administer and distribute the estate for the benefit of the beneficiaries in accordance with the wishes of the deceased party.
John G. Manfreda, Esq, is a partner with Gebhardt & Kiefer, P.C. His primary practice areas involve estate and business planning; estate and trust administration; corporate, commercial and real estate law, including asset protection planning; business succession planning and related transactional work; and the purchase and sale of businesses. He also has considerable experience in the area of probate litigation, including will contests and the defense of individual and corporate fiduciaries. Contact Mr. Manfreda at 908-735-5161 or via email.
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Any statements made herein are solely for informational purposes only and should not be relied upon or construed as legal advice.