When is an Estate closed in New Jersey? Need to Know Information
From our “Ask a Question” Mailbag: Information Regarding New Jersey Estate Closure
Most Recently Updated July 21, 2018.
“I am the Personal Representative for my mother’s estate. I have paid all of the creditors and have distributed the estate to my siblings and myself. Not sure, but I don’t think I have anything left to do, how do I close the estate?”
Information Regarding New Jersey Estate Closure
Information Regarding New Jersey Estate Closure
Saying that an estate is “closed” is a misnomer, as the estate is never, really closed. The term refers to when the final assets of the estate are distributed, which normally means that the Personal Representative has no further work to perform.
The reality is, though, that the Personal Representative continues to have all the powers and responsibilities they previously possessed. If an asset is discovered years later, the Personal Representative still has the power to claim the asset and distribute it to the heirs. Or, if a creditor (say, the IRS) shows up to make a claim, the Personal Representative is the one who will be responsible to address the claim. This is why it is very important that the Personal Representative make sure that all claims are addressed before making final distribution of the Estate assets.
More Probate Questions?
Closing an estate is only part of the overall probate process. By all means, if you wish to learn more, please read my more detailed article, The Probate Process All You Need to Know.
In Conclusion: Information Regarding New Jersey Estate Closure
I hope that this article was helpful in explaining estate closure. Further, I included links to even more detailed information on my website. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!
Let our Probate Lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced Probate Attorneys. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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