Agreeing to oversee an estate in New Jersey is a significant responsibility that entails several important tasks. Your preparation to fill this role can help you have the confidence to make knowledgeable, timely and effective decisions.
Working together with the testator, you can gain insight into his or her final wishes for the distribution of assets.
Fitting the role
Overseeing the closure of another’s estate can be time-consuming, detailed and at times, a bit confusing with all of the moving parts. Certain skills and characteristics can facilitate your success in this role including the following:
- Awareness of state-specific laws regarding estate distribution
- Organizational prowess to prevent costly missteps
- Time management to respond to tasks promptly
- Empathy and people skills to provide compassionate understanding to surviving family
- Financial stability to allow you to take time away to fulfill your obligations
Several factors may influence the scope of your responsibilities as an estate administrator. These may include the size of the estate, your relationship to the testator, and the testator’s strategy to develop an estate plan. According to the Internal Revenue Service, some of your responsibilities may include the following:
- Closing out debts
- Distributing assets to beneficiaries
- Coordinating with the courts to satisfy legal requirements
Your thoughtful approach to administering an estate can optimize the resources available to you, reduce confusion and prevent costly legal repercussions. Working efficiently may also provide comfort to grieving loved ones who do not have to deal with the concerns and stress of delays. Acting on behalf of the testator, you can play an important role in preserving his or her legacy.