Choosing Executor(s)

Choosing Executor(s)

Most people choose their spouse with one or more children as alternates. Your executor(s) must be at least 18 years of age but they are not required to be New Jersey residents.
You can have co-executors. However, your estate legal process can become cumbersome if you name too many executors.
You should consider competence, availability and willingness to serve.
It is important to choose an executor with integrity, who will be fair, and has some financial or investment capability.
Financial institutions, banks, attorneys and accountants can be appointed executor.
Your executors usually hire both an attorney and accountant for advice, tax returns and court filings.
An executor's responsibilities often include funeral arrangements, hiring an attorney and accountant for the estate, locating real and personal property, notifying insurance companies, filing estate and income tax returns, filing claims with Social Security and the Veterans Administration and transferring and distributing estate property after all taxes, claims and bills have been paid.
Your executor is entitled to reasonable compensation for services and reimbursement for any expenditures paid on behalf of processing, distributing and protecting your estate.
Executors are held to high standards and must account for everything that they do.

Compliments of:
Law Offices of Joseph M. Hoffmann
Attorney at Law
21 Main Street
Newton, New Jersey 07860
973-383-7415
Fax: 973-383-7476