Porzio, Bromberg & Newman, P.C. | Contents of this website may contain attorney advertising | Results may vary depending on your particular facts and legal circumstances
Porzio, Bromberg & Newman, P.C. | Contents of this website may contain attorney advertising | Results may vary depending on your particular facts and legal circumstances
Attorneys helping to plan for your future
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PORZIO WEALTH PRESERVAATION GROUP
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Probate & Estate Administration

What is Probate and Estate Administration?

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.

Estate Administration Process

  • The primary goal of the Estate Administration process is not to get the assets to the beneficiaries. Instead, the primary purpose of the Estate Administration process is to wind up the decedent’s affairs by :
  • Gathering information about all of the decedent’s assets, both Probate and Non-Probate;
  • Managing and liquidating assets
  • Paying any debts, expenses of the Estate Administration, or taxes;
  • Only after all other payments are made, distributing the assets to the beneficiaries under any Will or Trust.
  • Each Estate is different. An Estate may be relatively straightforward or very complex. Usually, complexity has nothing to do with the value of the estate, but with the planning done in advance, the nature of the assets, and the relationship of the potential beneficiaries.

Estate and Probate Administration Attorney Expertise

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.

Estate Administration Plan of Action

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.

Ask an Estate Administration Lawyer

Many families have limited experience working with attorneys. Learn more about our Mission and Team.

Wealth Preservation Services

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.

National Elder Law FoundationNational Academy of Elder Law AttorneysThe American College of Trust and Estate CounselMORRIS COUNTRY CHAMBER OF COMMERCEAdvisor InterActive Legal
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