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5 Budgeting Myths That Stop People from Saving

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What is NJ Will Probate?

November 19, 2021

If you are a family member, beneficiary, or appointed executor, you might have questions about how that probate is handled when a loved one passes away. Understanding the NJ will probate process can make things easier for all the people mentioned above to understand what goes into this and some of the common pitfalls that can happen. NJ-last-will-and-testament

The one person who has the biggest responsibility in a NJ probate is the executor. This person has the job of probating an existing will, in which the existence of a will is used to determine validity of that legal document. The authenticity process begins when the will is submitted to the County Surrogate for the county in which the deceased person lived. An original copy of the will must be submitted for that process to work.

When the person who created the will streamlined their estate plan and when the executor is familiar with their role, probate will be much easier for beneficiaries. The executor also has the option of getting the help of a probate lawyer in NJ to help them with all the estate-related tasks.

An executor cannot start probating a will until ten days has passed from the decedent’s death. A certified copy of the death certificate, information about names and addresses of next of kin, and an original copy of that will should all be brought to court to start probate. Once received and approved, the executor receives their letters authorizing them to act in the capacity of executor.

The executor will eventually pass on remaining assets to beneficiaries, but has several important tasks before then, including notifying creditors about the estate and reviewing any claims submitted by them. After debts and taxes have been paid, the probate is concluded by distributing remaining assets to those named in the will or next of kin if no will is available.

Have you named an executor for your NJ estate yet? If not, now is the perfect time of year to create or updated your estate plans.


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Schedule your free Exploratory phone call

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can be of assistance.

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Our Social Media

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Listen in, Join the Conversation!

Recent Posts
How Financial Frictions Hinder Innovations

A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

The post How Financial Frictions Hinder Innovations first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

The post 5 Budgeting Myths That Stop People from Saving first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more