Probating or administering your loved one’s estate is the process by which you carry out the decedent’s wishes as listed in his/her Will or in accordance with your state’s intestacy statutes. Probating an estate is not an easy task. Moreover, trying to handle such a daunting task while you are grieving can make matters even more overwhelming. While it is highly recommended to utilize the services of an attorney to assist you when probating an estate, it is something that you can do. Should you decide to probate the estate of your loved one by yourself, please consider the following:
Probate Checklist
□ Obtain Letters of Administration or Letters Testamentary from the decedent's Surrogate
Court in the county where they lived. See the list of New Jersey Surrogate Courts here.
□ Open up an "Estate of (name of decedent)" bank account.
□ Pay off all debts of the Estate using that account.
□ Keep any receipts, invoices, or proof of payment for any debts paid on behalf of the
Estate or the decedent.
□ Keep a list of anyone who needs to be reimbursed for expenses paid on behalf of the
decedent. Keep associated receipts and invoices. (In the event someone challenges
your accounting, you want to be able to back up your accounting.)
□ File a New Jersey Inheritance Tax Form (While the form is simple enough for you to
complete, you can certainly feel free to utilize the services of an accountant.)
□ Identify and list all assets—bank accounts, stocks, house, etc. (How to keep records.)
□ Unless otherwise instructed by the terms of the Will, you will close out any bank
accounts and deposit into the Estate account.
□ Unless otherwise stated in the Will, you may sell stocks, property, vehicles, etc. All
money obtained in the selling of these items is to be accounted for and deposited into
the Estate account. (This will enable you to provide a clear accounting of all estate
funds and avoid commingling of assets. Remember you have a fiduciary responsibility.)
□ File an Income Tax Return for the decedent. (Again, either you or an accountant can do
this.)
□ Once you have received the NJ Inheritance Tax Form and are aware of the amount of
estate taxes, if any, you are ready to handle the final steps of probating your loved one’s
estate.
□ Prepare a First and Final Formal Accounting to be submitted to the county surrogate’s
office. This document will set forth all of the assets of the estate, all of the debts of the
estate and indicate the amount to be distributed and to whom. (There is no specific
form but you can ask the county surrogate’s office for an example.)
□ For each beneficiary, you will need a Refunding and Release Bond that indicates the
amount to be inherited. This document needs to be notarized. (This is required even if
the executor/administrator is the only beneficiary of the estate.)
□ Upon receipt of approval of your accounting from the surrogate’s office, you can write
checks on the estate account to the beneficiaries. There should be a zero account
balance for the estate account and you may then close the bank account.
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