Hello and welcome to the Canada for Camel Office Legal Podcast. In this edition, we will be discussing the duties of an executor of an estate. If there is a will, the executor is responsible for carrying out its instructions. However, if there is no will, a family member must go to the surrogate to become appointed as the administrator. Typically, when there is a will, we, as the attorneys, prepare a surrogate information sheet and send it to the surrogate ahead of time along with a copy of the will and the death certificate. This saves our client time at the surrogates' office. In cases where there are multiple beneficiaries and the estate will be open for a while, we assist the executor in applying for a tax ID and setting up an estate account. If there are outstanding bills, the executor often negotiates with credit card companies. New Jersey court rules require a notice of probate to be given to all beneficiaries in writing, which the attorney usually handles. Additionally, there must be a notice to the Attorney General, which is also handled by the attorney. In situations where assets are going to children, grandchildren, or a spouse, there are often no inheritance taxes in New Jersey. However, we still file a return and obtain waivers. Real estate waivers are filed with the County Clerk's office, while waivers for other assets are sent to their respective banks or stock companies. When the estate is ready to be closed, there is a court rule (Rule 4:87) that requires an accounting. However, in most cases, the executor, with the help of the attorney, prepares an informal accounting and sends it to the beneficiaries. The attorney then prepares a release and funding letter, which outlines how the beneficiaries will receive their money. If there are any...
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Estate fiscal year election Form: What You Should Know
It is also called the Form 1040A. A Federal Estate and Gifts Tax Return — Federal Estate Tax Return For executors (1040A, 1140, 1140A, 1240, etc.) For estate and trust administrators and executors, a Federal Estate and Gifts Tax Return is required for all estates and trusts. See: IRS Form 1120, U.S. Treasury Report for Estate of Creditor, Estate of Sibling, Estate of Grandchild or Survivor, Trust or Estates Under the U.S. Trusts Act Form 1120 is used to prepare a “U.S. Treasury Report for Estate of Creditor” for an estate due the U.S. Treasury. The report is the information that's needed by law to tax the estate's final death benefit, if any.
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