As this blog has discussed on previous occasions, executors of estates in New Jersey have a lot of things that they need to do. Many of the items on their to-do list are legal requirements that come with important deadlines or timeframes.
If an executor fails to meet these deadlines, there can be serious consequences both to the executor and to the heirs of the estate.
According to one New Jersey court, an executor has to be mindful of well over 20 important items and deadlines during the course of probate and estate administration. To be fair, though, some of these items may not apply to every estate, and some may be easier to accomplish than others.
An executor must attend to many of these items early on in the probate process. For example, if there is a will, then the executor has 60 days to let the beneficiaries know about it once the will gets admitted in to the probate court.
On the flip side, executors also have a lot to do before they can make a final distribution to heirs and officially wrap the estate up. In addition to making sure all taxes are paid, the executor must submit an accounting to the court showing exactly what assets got collected and how they got disposed of. Interestingly, an executor even has an obligation to make sure that an heir who is receiving property is not subject to an order to repay back child support.
Of course, there are all kinds of obligations that take place over the course of the estate's administration.
Even for the most capable people, keeping track of the probate process can be challenging and stressful. Relying on the help of an experienced probate counsel is often an essential step.