Many people procrastinate drafting an estate plan, so if you already have an estate plan, you may be a step or two ahead of the pack. However, this should not mean that you have finished estate planning for good.
As this blog has discussed before, executors and personal representatives in New Jersey have a lot of obligations they are expected to fulfill in a timely fashion. To summarize, their job is to collect the assets of a deceased loved one, pay off all valid debts and expenses and then distribute whatever is left to the heirs according to either the law or the terms of the will.
Many New Jersey residents own real estate together with other people. It is therefore important for people to understand how real estate gets passed down when an owner of the property dies.