Probate: What is it and How it Works

 The executor named in the will files it with the Surrogate’s Court in the county where the deceased lived. This must be done within 10 days of the death.  The executor submits the will to the probate court to apply for Letters of Testamentary.

 The court officially appoints the executor, giving them legal authority to manage the estate. 

The executor informs all beneficiaries listed in the will and publishes a notice to creditors, giving them six months to make claims against the estate.  Once debts are paid, the remaining assets are distributed to the heirs listed in the will.

The executor gathers and lists all assets, including real estate, bank accounts, and personal property, and estimates their value. 

The executor uses the estate’s assets to pay any debts, taxes, and creditor claims. In New Jersey, both federal and state inheritance taxes may apply. 

After debts and taxes are paid, the executor distributes the remaining assets according to the will. 

Once all assets are distributed and final expenses are paid, the executor requests court approval to close the estate. 

 Since no will exists, a family member or other interested party petitions the Surrogate’s Court to be appointed as the estate administrator. The court grants them authority to manage the estate. 

The administrator must notify heirs (typically the spouse and children) and publish a notice to creditors, giving them six months to submit claims 

The administrator compiles and values the deceased’s assets, similar to the process with a will. Add a description about this item

The administrator pays off any debts, taxes, and creditor claims from the estate's assets.

• Spouse & Children: If there is a surviving spouse and children, the spouse may receive the first $50,000 plus half the remaining estate, with the rest going to the children.
• Other Heirs: If there is no spouse or children, the estate is distributed to other relatives like parents, siblings, etc.

 Once all assets are distributed and debts settled, the administrator can request to close the estate.