Disclaimer: This article is for educational purposes only and does not constitute legal advice.
Detailed Answer
1. Notice of Appointment
Within 10 days of qualifying, the personal representative (executor or administrator) must notify all heirs of the filing and appointment. New Jersey law requires service of notice on heirs at addresses known to the representative. See N.J.S.A. 3B:16-2.
2. Inventory of Assets
The representative must prepare and file a detailed inventory of estate assets with the Surrogate’s Court within three months of appointment. This inventory lists all real and personal property owned by the decedent at death. The representative must serve a copy on each heir. See N.J.S.A. 3B:16-3.
3. Accounting and Records
A personal representative must keep accurate records of all estate transactions. Before final distribution, the representative must file a final account showing all receipts and disbursements. The representative must serve this account on all heirs and beneficiaries. See N.J.S.A. 3B:22-16.
4. Fiduciary Duties
The representative owes a fiduciary duty to heirs. This duty requires loyalty, impartiality, and reasonable care in preserving estate assets. The representative may not profit at the estate’s expense or favor one heir over another without court approval.
5. Final Distribution and Closing
After creditors’ claims resolve and expenses pay, the representative must petition the Surrogate’s Court for final distribution. The representative must serve notice of this petition on all heirs and file proof of service. See N.J.S.A. 3B:22-17. Once the court approves, the representative distributes the remaining assets to heirs.
Helpful Hints
- Document every action and expense to support your accounting.
- Communicate regularly with heirs to prevent misunderstandings.
- Keep all notices and proofs of service for court filings.
- Consult the Surrogate’s Court website for local rules and forms.
- If disputes arise, consider mediation before costly litigation.