Executor Responsibilities

[VJMinFL]

I live in Florida, and my father, aged 79, has lived in New Jersey for the last 50 years. Two years ago, he bought a house for my sister in New York. He is terminal, and has closed his apartment in NJ, and moved to his house in NY (my younger sisiter is a nurse, and can help with his final care). He has a will, and has named me the Executor. Due to the stock market slump, his estate cannot fund his bequests ( $3K to each of 16 grandchildren).


Where do the probate papers have to be filed? As the estate is less than $100,000 in total, what taxes come due? If there is not enough in the estate, can I as Executor divide it as I think he would have wanted?

Thank you for your help.

 

[advisor10]

2-11-2002

DEAR VJMINFL:

The probate papers will have to be filed in WHATEVER STATE HE DIES IN. If he owns any real estate properties in New Jersey, you may also need to file a secondary probate in that state to clear up any title/ownership/deed questions.

If you intend to be executor it would be wise to hire a probate attorney to advise you on an hourly basis to guide you through the entire process. That attorney might also have access to a CPA or tax accountant who could advise you at no additional charge (or at a minimal charge) whether state or federal or estate taxes would be due.

Seems as if the wisest thing to do would be to divide up whatever money is left over (after expenses and taxes are paid) by 16, and then issuing a check to each grandchild.

IMPORTANT: Please contact a New York probate attorney to find out if New York law would allow an out-of-state resident (you, from Florida) to serve as executor in New York (some states allow it, some do not). Also, find out if the will written in New Jersey would be accepted in a New York probate court.

Send me an e-mail message to the address shown below: I have a confidential tip that I would like to pass on to you about your situation.

SINCERELY,

advisor (e-mail: [email protected])