Probate may be part of the Estate Administration process. Probate is where a person named as an Executor under a Will, or an Administrator if a person has no Will, is authorized to control and disperse assets in the decedent’s sole name with no beneficiary designation.
Most people have assets that pass outside of Probate – Non-Probate Assets. Any assets in joint name with rights of survivorship pass to the surviving owner. Any assets with beneficiary designations, such as retirement plans or life insurance, pass to the named beneficiary. Bank accounts may be set up with a “Pay on Death” designation.
Estate Administration encompasses the appropriate distribution of both the Probate and Non-Probate assets.
Most people administer an estate maybe once in their lifetimes. We have administered hundreds of estates. Our Team provides value to you by guiding you step-by-step through the Estate Administration process.
We develop a unique Plan of Action for your estate administration, and then partner with you and other Team members to gather all the assets of the estate, pay any debts, expenses, and taxes, and finally distribute the estate per the Will, Trust, or as directed for the Non-Probate Assets.
Many families have limited experience working with attorneys. Learn more about our Mission and Team.
Porzio’s Wealth Preservation attorneys serve New Jersey families with offices in Morristown NJ, Princeton NJ, and New York City. We provide legal counsel on Estate Planning, Elder Law, Asset Protection Planning, Special Needs Planning, Wills and Trusts, Powers of Attorney, Health Care Powers, Living Wills, Probate, Estate Administration, Estate and Trust Litigation, Guardianship, and Tax Planning to families in Bergen County, Essex County, Hudson County, Hunterdon County, Mercer County, Middlesex County, Monmouth County, Passaic County, Somerset County, Sussex County, Union County and Warren County.