Administrator duties in estate
It is our recommendation that Administrators undertake the following measures:
1. Conduct a thorough search of the decedent's personal papers and effects for any evidence, which might point you in the direction of a potential creditor;
2. Carefully examine the decedent's checkbook and check register for recurring payments, as these may indicate an existing debt; and assets
3. Contact the issuer of each credit card that the decedent had in his/her possession at the time of his/ her death; and cancel card
4. Contact all parties who provided medical care, treatment, or assistance to the decedent prior to his/her death; and pay undisputed bills after submitted to insurance company
Other upcoming duties/ Administrator to Do
Notice of Probate to Beneficiaries (Attorney will handle)
If charity, notice to Atty General
File notice of Probate with Surrogate (Attorney will handle)
Apply to Federal Tax ID if there will be several beneficiaries- Either Administrator or Attorney can handle
Set up Estate Account at bank (pay all bills from estate account)
Type up list of all assets and all liabilities
Email list to beneficiaries if applicable
Pay Bills
List real estate for sale and have attorney prepare, Deed, Affidavit of title and other document
-If mortgage, contact mortgage company for payoff
Prepare Inheritance Tax Return and obtain Tax Waivers (Attorney will handle)
Sell applicable assets
File first Federal and State Income Tax Return [CPA- ex Marc Kane]
If house, select realtor to sell house “as is”
File NJ Tax waivers on real property with County Clerk (Attorney will handle)
Prepare Informal Accounting after assets sold
Prepare Release and Refunding Bond for all beneficiaries to sign (Attorney will handle)
Obtain Child Support Judgment clearance (Attorney will handle if needed)
File Release and Refunding Bond with Surrogate after all beneficiaries sign.
Let's review the major duties involved, which we've set out below.
In General. The Administrator's job is to (1) administer the estate--i.e., collect and manage assets, file tax returns and pay taxes and debts--and (2) distribute any assets or make any distributions of bequests, whether personal or charitable in nature, as the deceased directed (under the provisions of the Will). Let's take a look at some of the specific steps involved and what these responsibilities can mean. Chronological order of the various duties may vary.
Probate. The Administrator must "probate" the Will. Probate is a process by which a Will is admitted. This means that the Will is given legal effect by the court. The court's decision that the Will was validly executed under state law gives the Administrator the power to perform his or her duties under the provisions of the Will.
Tax ID number EIN An employer identification number ("EIN") should be obtained for the estate; this number must be included on all returns and other tax documents having to do with the estate. The Administrator should also file a written notice with the IRS online that he/she is serving as the fiduciary of the estate. This gives the Administrator the authority to deal with the IRS on the estate's behalf.
Set up an Estate Account with a Bank and Pay the Debts. The claims of the estate's creditors must be paid. Sometimes a claim must be litigated to determine if it is valid. Any estate administration expenses, such as attorneys', accountants' and appraisers' fees, must also be paid.
Manage the Estate. The Administrator takes legal title to the assets in the probate estate. The probate court will sometimes require a public accounting of the estate assets. The assets of the estate must be found and may have to be collected. As part of the asset management function, the Administrator may have to liquidate or run a business or manage a securities portfolio. To sell marketable securities or real estate, the Administrator will have to obtain stock power, tax waivers, file affidavits, and so on.
Take Care of Tax Matters. The Administrator is legally responsible for filing necessary income and estate-tax returns (federal and state) and for paying all death taxes (i.e., estate and inheritance). The Administrator can, in some cases be held personally liable for unpaid taxes of the estate. Tax returns that will need to be filed can include the estate's income tax return (both federal and state), and the deceased's final income tax return (federal and state). Taxes usually must be paid before other debts. In most instances, federal estate-tax returns are not needed as the size of the estate will be under the amount for which a federal estate-tax return is required.
Prepare an informal Accounting
Most Administrators simply provide copies of bank statements and an excel sheet of expenses
Child Support Lien Search Request. Prior to individuals receiving money Federal law requires a child support lien search so each beneficiary will need to provide their Social Security number prior to inheritance. Your attorney can handle this, upon request. If child support is owed, and not deducted from the person's inheritance, the Administrator can be personally liable. Each beneficiary must sign a "Release and Refunding Bond" to distribute the assets. Otherwise, formal Court approval is required to finalize the estate to distribute the assets. After all debts and expenses have been paid, the Administrator will distribute the assets. Frequently, beneficiaries can receive partial distributions of their inheritance without having to wait for the closing of the estate, provided they sign a Partial Release & Refunding Bond.
Questions to attorney are best via email to Vercammenlaw@njlaws.com.
If you need to speak to law office, call 732-572-0500 after 10am. Please do not call any other number or cell number. Please do not call Ken V house.
Very truly yours,
KENNETH VERCAMMEN
Below is a helpful checklist from one of our ABA American Bar Association books. Many of the ABA’s notes are not applicable to your case, but may help you in your own Estate Planning
Records and items for Administrator to Locate
Record Type Location [If not applicable, write N/A
Insurance Policies
q Automobile
q Life insurance
q Long-term care
q Medical
q Medicare card
q Medicare Part D
q Residential
q Umbrella
q Other insurance
q Other insurance
q Other insurance
Benefits and Accounts
q 401(k) agreements 401k
q 403(b) agreements
q Disability agreements
q IRA agreements
q Keogh plan agreements
q Military separation papers
q Pension agreements
q SEP agreements
q Social Security card
q Social Security statement
q Workers’ compensation
q Other
q Other
q Other
Banking and Savings
q CD account statements
q Checking account statements
q Credit union account statements
q Savings account statements
q Savings bonds
q Other
q Other
q Other
Investments
q Brokerage account statements
q Savings bonds
q Other
q Other
q Other
Real Estate
q Deeds
q Home improvement records
q Land contracts
q Leases
q Mortgages
q Reverse mortgage
q Tax records
q Time-share agreements
q Other
q Other
Other Assets and Debts
q Business records
q Collectibles
q Computers
q Credit card contracts
q Jewelry appraisals
q Jewelry inventory
q Patents and trademarks
q Vehicles
q Vehicle certificates of title
q Warranties
q Websites
q Other
q Other
Estate Planning
q Trust agreement
q Will and codicils
q Other
q Other
q Other
Personal History
q Animal care information
q Annulment decrees or judgments
q Appointment book or calendar
q Birth certificates
q Change of name certificates
q Child care information
q Civic awards
q Divorce decrees or judgments
q Dramatic awards
q Driver’s license
q Educational awards
q Educational certificates
q Employment awards
q Keys to residence
q Keys to post office box
q Keys to safe deposit box
q Keys to vehicles
q Keys to other real estate
q Lock combinations
q Membership certificates
q Military awards
q Military separation papers
q Naturalization papers
q Other awards
q Passport
q Passwords
q Photo albums
q Photos
q Property care information
q Security system information
q Tax returns and records
q Time-share records
q Other
q Other
q Other
Family History
q Adoption papers
q Birth certificates
q Family tree
q Marriage certificates
q Newspaper articles
q Photo albums
q Portraits
q Other
q Other
q Other
Source ABA/AARP Checklist for Family Survivors
Also find all stock certificates. If securities are held in an account by a broker, please furnish most recent statement and name and address of firm where held.
_____ Copies of all mutual funds’ statements.
_____ Any partnership, employment, buy-sell, stock purchase or option, franchise, and other agreements signed by decedent.
Copies of all annuity contracts.
Assigned Tasks by Administrator in preparing for funeral and post funeral [If write N/A
Post funeral to do
Probate Will with assistance of attorney __
| | |
| | |
q Notify financial advisors | | |
q Notify accountant and life insurance agents | | |
q Take care of direct deposits | | |
q Take care of automatic payments | | |
q Locate passwords | | |
q Inventory safe deposit box | | |
q Locate all pension documents | | |
q Locate retirement plans and accounts | | |
q Secure/insure the house and car | | |
q Contact life insurance companies | | |
q Notify mortgage company | | |
| | |
| | |
q List all credit card accounts | | |
| | |
q Get copy of credit report | | |
q Notify credit bureaus | | |
q Freeze social media accounts | | |
q Take care of personal possessions | | |
q Cancel driver’s license | | |
q Notify landlord/ tenants | | |
q | | |
q Clean the house or apartment | | |
q | | |
q | | |
Source ABA/AARP Checklist for Family Survivors
KENNETH VERCAMMEN & ASSOCIATES, PC ATTORNEY AT LAW
2053 Woodbridge Ave.,Edison, NJ 08817
(Phone) 732-572-0500
(Fax) 732-572-0030
www.njlaws .com
On Feb 28, 2023, at 11:25 AM, VercammenLaw <VercammenLaw@NJlaws.com> wrote:
PROBATE
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