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Estate Administration
Why Do People Hire a Lawyer for Estate Administration?
The Executor or Administrator of an estate has the obligation of ensuring the estate is properly administered; this is called a fiduciary duty. A lawyer can ensure all obligations are properly met.
The Top 4 Reasons For Hiring a Law Firm for Estate Administration
Protection for the Executor or Administrator, proper asset transfers, tax compliance, and probate process are the four most common reasons clients work with Siclari Legal for estate administration.
Protection for the Executor/Administrator
The person chosen by the decedent to carry out their wishes as stated the will, or the person chosen by a Judge to comply with the laws of intestacy, has fiduciary and legal duties and can be held personally liable. The requirements differ from one state to the next. Errors (including accidental omissions) in carrying out the will exposes the Executor or Administrator to liabilities. An attorney as a guide limits this exposure.
Asset Transfers
Identifying, properly valuing, and legally transferring assets can be complex. The situation can become more complex when businesses, investments, intellectual property, digital assets, art, royalties, and assets located in multiple locations or countries are part of an estate.
Tax Compliance
In this category of estate administration, we file federal estate tax returns and New Jersey inheritance tax returns. Laws differ from state to state so this is a common area where our firm provides substantial legal support.
Probate Guidance
Probate is often the first step in estate administration and in New Jersey, the probate process generally involves filing the original Will with the County Surrogate located in the County in which the decedent resided at the time of death. Many families enter probate are surprised by two things:
1. It is not a simple process.
2. An Executor named in a Will has no authority until they are officially appointed by the Court.
If there is no Will, the process instead proceeds under New Jersey’s intestacy laws, which determine who may serve as Administrator and who inherits the estate. Intestacy (i.e. no valid Will) is also handled through the County Surrogate.
Certain probate situations can become particularly complicated. For example, when a person dies without a Will, multiple family members may have equal priority to serve as Administrator of the estate. This is a common area where families have disagreements over who should be appointed.
In many intestacy matters, the Surrogate may also require the Administrator to obtain a bond before being appointed. Probate can also become significantly more difficult when the original Will cannot be located, as New Jersey law requires the original document to probate the estate without further Court involvement.
Other problems frequently arise when a Will was not executed properly, a key example would be if the Will was not signed with the required formalities, such as appropriate witnesses and notarization, it cannot be probated without further Court action. These issues can delay administration, increase costs, and sometimes require court involvement.
It is worth noting that even relatively straightforward estates can involve unexpected issues such as locating assets, coordinating with financial institutions, handling creditor claims, preparing required notices and waivers, addressing family disagreements, analyzing the tax implications, and ensuring assets are transferred correctly. Be aware that certain assets may pass outside of probate entirely, while others require court authority or additional documentation before they can be accessed or transferred.
Siclari Legal guides Executors, Administrators, and families through each stage of the probate and estate administration process. Some of our clients simply need advice and direction to ensure they are meeting their obligations properly, while others prefer our steady and comprehensive support with every aspect of administration. Our goal is to reduce stress: we provide clarity, and help families move forward with confidence during a difficult time.
Tailored Support
All situations are different. Siclari Legal provides the right level of support as some families need us to handle the entire administration of the estate while others simply need our guidance to move forward. If there is no will, we can guide families through a
New Jersey intestacy process.
For more information, request a consultation with Siclari Legal's founder, Ryann M. Siclari, ESQ., LL.M or call the office at 908. 335.9601.
