First Look Realty strives on reputation for great service that leads to repeat business and referrals which sets them apart from other agencies. First Look Realty, has wide variety of staff whom specialize in the probate process. Whether it is a traditional or distressed sale we have agents who can navigate all the rough waters of this process smoothly and optimizing the estates return on real estate sold.
What is Probate?
Probate is the legal process by which decedent’s estate is transferred to his/her heirs or beneficiaries. If the deceased person created a will, then the person is said to have died testate. When this is the case the probate court determines the validity of the Will. There may have been multiple Wills created (for various reasons) and the courts job is to determine which is the legal one to use according to law. The court will also hear any objections to the Will, makes sure the creditors are paid and assures that the property remaining is distributed according to the terms and conditions of the will.
The Will names the person (or sometimes the institution) that will carry out the wishes of the deceased. This person is call the Executor. The executor is in charge of the probate process and is accountable to the beneficiaries and must perform their duties in a legal and fair manner. It is possible for the court to appoint a new administrator if it feels the executor is not capable. The Executor or administrator is entitled to a fee or commission for doing the work.
A person who dies intestate, has passed on without leaving a will. In this case the court will appoint an administrator to handle the estate. The administrator will then distribute the estate according to state law. This, however only happens once all debts, taxes and administration costs have been paid.
In the state of New Jersey all probate cases go through the county’s, in which the decedent died, Surrogate court. The Surrogate court will distribute the required legal documents called either Letters of Testamentary for an executor or Letters of Administration for the administrator.
What are Executor Duties
Notify next of Kin
Collect Debts and Record the Assets
Determine all the Debts and Claims against the Estate
Manage the Estate
Determine and Pay Taxes
Distribute the Assets
Beneficiary – a person who inherits when there is a Will
Conservator – a person who has the court-appointed fiduciary responsibility for the care of another adult
Conservatee – the person whose care is provided for under a conservatorship
Conservatorship – a court proceeding wherein a judge appoints a responsible person (Conservator) to care for another person (Conservatee) who cannot care for him/her self or finances
Custodian of the Will – The person in possession of the Will when the person who wrote the Will dies
Decedent – a person who has died
Executor – a person named in a Will and appointed by the Court to carry out the decedent’s wishes. This person is also the seller of the real property
Heir – a person who inherits
Intestate – a person who has died without having made a will. When there is no Will, the sale of the decedent’s real property often requires court confirmation.
Intestate Succession – the order of who inherits the property when the decedent does not have a Will
Legatees, or Devisees – people who are named in a Will
Personal Representative (Administrator or Executor) – the person responsible for overseeing the management and distribution of the estate
Probate – the formal court process to appoint a representative and marshal, as well as appraise assets and distribute the decedent’s estate to the proper parties
Probate Real Estate Sale – the transfer of legal title (ownership) of real property from the estate of the person who has died to a buyer under the supervision of the Court
Real Property – the term used to refer to real estate (land and buildings) in probate and trust sales
Testate – having made a valid will before one dies
Trust – in real estate in the United States, a deed of trust or trust deed is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan (debt) between a borrower and lender. The equitable title remains with the borrower
Will – a legal document that states a person’s wishes about what will happen to his/her personal and real property after death
Services We Can Help With!
Movers & Packers
Clean Up & Haul Away Services
Estate Sales Services
Repairs – Vendors Defer payment
Movers & Packers
Painters, Plumbers & Electricians
Locksmith & Board Up
Abandoned Vehicle Removal
Attorney Closing Costs
Eviction Services & Squatter Removal
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