Duties/ Executor 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
Set up Estate Account at bank (pay all bills from estate account)
List real estate for sale and have attorney prepare, Deed, Affidavit of title and other document
File first Federal and State Income Tax Return [CPA- ex Marc Kane]
Prepare Inheritance Tax Return and obtain Tax Waivers (Attorney will handle)
File waivers within 8 months upon receipt (Attorney will handle)
Prepare Informal Accounting
Prepare Release and Refunding Bond (Attorney will handle)
Obtain Child Support Judgment clearance (Attorney will handle)
Let's review the major duties involved, which we've set out below.
In General. The executor'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.
KENNETH VERCAMMEN & ASSOCIATES, PC
ATTORNEY AT LAW
2053 Woodbridge Ave.
Edison, NJ 08817