New Jersey Executor & Probate Resource C
New Jersey Executor Probate Resource Center (NJEPRC) is a resource center for executors and administrators that are looking for assistance.
Antique & Jewelry Appraisal by New Jersy Executor. Inheritance Tax and Accounting Services at NJ Executor. An executor’s fiduciary duties include paying continuing expenses; for instance, mortgage(s), property taxes, utilities, and homeowner’s and auto insurance premiums.
The executor must also pay income taxes and file an income tax return for the year in which the person died. An executor frequently needs advice and has to supply accounting records for: Fiduciary accountings for estate or trustDetail investment performance and provide reportsTax planning to minimize taxes for an estate, trust or beneficiaryCapital gains and lossesPrepare cash flow reports, income statements and balance sheetsCalculate fiduciary commissionsAssign assets and transactions for beneficiaries and draw up schedules. Questions To Ask Your Jewelry Appraiser. In common parlance, by insurance we generally relate it to home or property.
But, in reality exorbitant pieces of jewelry can also be protected. For example, if you have bought a diamond ring or inherited a piece of diamond necklace from your grandmother, what will be the first thing that you will do? Wear it and show it to your friends or get it appraised from a certified appraiser? The biggest challenge is to find the right jewelry appraiser. Understanding the jewelry industry is often difficult as you will not know who is certified and who is not. What can an Estate Executor can do to lighten the workload? Occasionally an executor or fiduciary of an estate for one reason or another does not have clue of how to locate the assets or the liabilities of the decedent’s estate.
It doesn’t matter if the decedent practiced shoddy bookkeeping or the surviving loved ones aren’t knowledgeable about what the decedent had or what they owed, these questions need to be answered. When faced with this challenge, most fiduciaries or executors strategy is to examine the decedent’s latest tax return and monitor the mail box for statements bills, statements from financial institutions or pension administrators. More and more individuals manage their finances online it making it more challenging to locate financial information because the online process requires passwords and eliminates the creation of paper statements.
Delays in receiving this crucial information puts unneeded stress on the executor and usually prompts more inquiries from beneficiaries. Benefits Include: The most difficult part of being an executor. In a recent survey Bank of America asked individuals who have recently served as an executor; “What was the most difficult part of being an executor?”
Not surprisingly, at the top of the list (29%) is, commitment of time required to act as an executor. We have heard the saying “being an executor is the most difficult part time job you never applied for”. Time to Plan: Downsizing for an Elderly Loved One. As time passes, many of us end up with a garage, a storage space—or an entire home—filled with a lifetime of mementoes, clothes, knick-knacks, and other possessions.
For the children of elderly parents, going home can be like a trip back in time. When is the proper time to address downsizing? Sooner or letter, the time comes to take a look at reducing possessions to a manageable level for ease of care, safety issues, selling a home, or before moving to a smaller residence. Should You be a DIY Executor. Being an executor is a complicated responsibility that may take a significant amount of time.
Do you want to be a do-it-yourself executor? For many, their choice as the executor for a loved one in New Jersey does not come as a surprise. A spouse or the adult child of an elderly parent often accepts the request when estate planning documentation is created. Other times, the appointment is unexpected. Should You Handle an Estate Property through a Realtor or Cash Out? Homes or estate properties are often the largest single asset in any estate.
As executor, should you handle an estate property via a realtor or just cash out? The circumstances of the estate you are administering are probably the biggest factor in answering this question. The size of the estate, its assets, and the complexities of the matter largely determine how much time and money you spend managing the property of an estate. Executor and Estate Probate - The First Steps This is the first installment of a series of posts regarding the steps that an executor or administrator must take in the process of probating a will.
Every estate is like a fingerprint; meaning everyone is different. Depending on the value or complexity of the of the estate some executors or administrators might need to perform additional tasks or some might not require as many tasks. The Nuts and Bolts of Estate Sales in New Jersey. A successful estate sale boosts income for beneficiaries by providing an opportunity to sell furniture and personal possessions to others.
If you are an executor, what do you need to know about estate sales? Once used to describe the sale or liquidation of belongings after a death, the term “estate sale” or “tag sale,” now applies to any large sale of personal goods, whether after a death or just for downsizing. But an estate sale is more than a garage sale and requires organization, accurate appraisal, and staffing to earn income for the estate.
One of the services offered by New Jersey Executor is estate sales. Our specialists are professionals with the experience to organize and stage a successful estate sale without additional emotional and financial cost to the family. Estate Administration in New Jersey: Three Steps to Get Started. You have been named the executor of a personal estate in New Jersey, you will be expected to have a working knowledge of estate administration.
What do you do next? Acting as the executor of an estate is a big job. The duties of estate administration can add to the grief you experience if you are a spouse or close relative of the deceased.