Many people in New Jersey have parents and other relatives who are older, sick or otherwise suffering under a disability. Such conditions can make it hard for such people to make financial and other decisions for themselves.
In the context of administering a New Jersey estate that is going through the probate process, perhaps the person with the most important role is the executor, who may also be referred to as a fiduciary, an administrator or a personal representative.
One of the most important jobs the executor of a will has is to place values on the different assets of the estate. In many cases, this is relatively straightforward. For instance, with respect to a bank account or other liquid asset, it may just be a matter of figuring out the account's balance at the time of death. In other cases, such as in the case of a car, the process may be a little harder, but there will usually be other similar vehicles one can compare the car to to guess the vehicle's value.
Even a New Jersey resident who has some experience with the law or with financial matters may feel a bit overwhelmed when he or she finds out that he or she has been named as the executor or administrator of an estate.