After surogate probates will and makes executor official, who handles fiduciary provions and splits any inheritances with family
Burlington, NJ
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Posted 5 months ago in Probate
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When a nursingf hoome is made executor, with provision for someone to be TRustee of any trust created, who tabulates anything of value, inventories belongingins and splits it up if their is anything left for those mentioned in will? What is next steps afetr probate occurs?
Answers (1)Edward Joseph Smeltzer II
This attorney is licensed in New Jersey and 2 other states.
Posted 5 months ago.
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Gathering the estate, paying creditors, and making appropriate distribution of the estate are all duties of the Executor. If one of the beneficiaries had a trust established for him/her then the nominated Trustee needs to be confirmed by the Surrogate just as the Executor was confirmed. The Executor should gather all the assets, determine what creditors exist, and if there will be fund remaining after paying creditors and expenses of administration distribute such excess per the terms of the Will. The beneficiaries have the legal authority to demand an accounting of the estate so they can see how the funds were handled.
Very truly yours, Ed Smeltzer NOTE: This answer was prepared for educational purposes only. By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question. |