Detailed Answer

1. Open the Estate with the Surrogate’s Court
File a probate or administration petition in the county Surrogate’s Court where the decedent lived. Submit the original will (if any) and a death certificate. The court issues letters testamentary (if there’s a will) or letters of administration (if intestate). These letters authorize you as the personal representative to act on behalf of the estate.

2. Locate and Identify All Assets
• Review the decedent’s records, safe deposit boxes, email, mail and tax returns to identify bank accounts, investments, retirement plans, real estate, vehicles, digital assets and personal property.
• Search county land records and motor vehicle titles for real estate and automobiles.
• Contact financial institutions for account statements. Obtain policy details on life insurance and annuities.

3. Inventory and Appraise Estate Property
Within four months of appointment, file an inventory of all estate assets with the Surrogate’s Court as required by N.J.S.A. 3B:7-4 (link). Include:

• Description and location of each asset
• Fair market value or appraised value
• Creditor claims against the asset, if any

4. Notify Creditors and Publish Notice
To give creditors a chance to file claims, publish a notice in the official newspaper as required by N.J.S.A. 3B:18-1 (link). Also mail written notice to known creditors under N.J.S.A. 3B:18-4 (link) within two months of appointment. Creditors generally have nine months after the first publication to file claims.

5. Review and Pay Valid Debts
Examine each claim for validity. Pay reasonable funeral and administrative expenses first. Then satisfy priority debts, such as taxes and secured claims. Keep detailed records of all payments.
File final estate income tax returns and any New Jersey Inheritance Tax return, if applicable.

6. Prepare and File a Final Accounting
Once debts and expenses are paid, prepare an accounting showing all receipts, disbursements and the remaining distribution balance. File it with the Surrogate’s Court for approval. Interested parties may object.

7. Distribute Remaining Assets
After court approval, distribute the remaining estate assets according to the will or, if there is no will, under New Jersey’s intestacy statutes (N.J.S.A. 3B:5-2, link). Obtain receipts from beneficiaries to confirm delivery.

8. Close the Estate
File a certificate of discharge or closing document with the Surrogate’s Court. This step terminates your appointment and releases you from further liability.

Disclaimer: This article provides general information and does not constitute legal advice. Consult a qualified attorney for advice specific to your situation.

Helpful Hints

• Maintain a central file for all estate documents.
• Work with a certified appraiser for high-value assets.
• Publish creditor notices promptly to avoid personal liability.
• Keep beneficiaries informed to reduce disputes.
• Consult a probate attorney for complex estates or tax issues.