Guidelines for Executors/Administrators

If you have just probated a Will and have. been appointed Executor, or if you have qualified as administrator for an estate with no Will, you may be asking yourself the question, “What do I do next?”

Notice of Probate of the Will must be served on all interested parties within sixty (60) days of probate advising them of the name and address of the Executor. A copy of the Will should accompany this.
The Executor/Administrator is responsible for determining and marshaling all assets of the estate. An estate checking account _is opened from which bills are paid.
The Executor/Administrator is responsible for paying all debts, last illness expenses, inheritance and estate taxes, and administrative expenses from the decedent’s assets.
The Executor/Administrator is responsible for filing appropriate State and Federal tax forms as applicable and forwarding any tax payments due.
The Executor/Administrator is entitled to a commission of 5% of the value of the gross estate up to $200,000, 3 1/2% of that portion of the estate between $200,000-$1,000,000, and 2% on that portion over $1,000,000.
The Executor/Administrator may need to prepare an informal accounting of the estate assets, disbursements, and proposed distribution for approval by all interested parties. Filing fees for an informal accounting are $5.00 per page. However, any interested party may apply to the Superior Court of New Jersey to compel a formal accounting of the estate.
The Executor has the obligation to distribute the net estate in a timely manner, in accordance with the terms of the Will. The Administrator distributes in accordance with the intestate laws of the State of New Jersey.
Prior to the distribution, each beneficiary shall execute a Refunding Bond and Release. Upon receipt of the executed document, the. Executor/Administrator issues payment. The original Refunding Bonds and Releases are filed with the Surrogate’s Court. The filing fee is $10.00 for the first two (2) pages, $5.00 per page thereafter.