Planning your estate in New Jersey will require a great concentration of focus and energy. The goal will be to mitigate the probate process as much as possible. The goal will be to keep as much control as possible over the estate. You will then need to know how to proceed once probate has ended.
What does the probate process entail?
Probate is a process that involves the final settling of a deceased person’s estate. This process can take place even if that person left a very clearly detailed set of instructions. Its main purpose is to ensure all creditors are paid, and all assets distributed to the listed heirs.
The process of probate involves several recognized steps. For example, all of the creditors and beneficiaries will be notified. An inventory of all of the assets and liabilities of the deceased person will be made. Certain assets may be sold to cover any remaining debts. Once all matters are settled, the estate will be closed.
What does it mean to close probate?
Estate planning should be conducted by you with an eye toward what happens when your estate is finally closed. You should provide your executor with a detailed list of your assets. This should also include a list of all known creditors. The methods by which they are paid should also be detailed in advance.
Your beneficiaries will be allowed to consult this list of accounts. Once they have done so, they can either approve or dispute it. Once approved, the assets can be distributed. At the same time, all outstanding debts and taxes will be paid. This will bring the matter of probate to a close.