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I have been leagally appointed the admisnister of my moms estate,

she passed in 2010, and...
I have been leagally appointed the admisnister of my moms estate, she passed in 2010, and with her passing there was an annuuity that was brought to my attention, as well as my siblings. I have done most of the work so far and a check has been cut by the insurance company and a check is on its way. I live in the state of New Jersey. Before splitting the monies between my brothers and sisters. what leagel steps most I do. There was a bond issued in the amount of 40,000 dollars, mandatted by, the Surrogates Court of Essex county.
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Answered in 9 minutes by:
6/3/2013
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 43,425
Experience: Texas lawyer for 30 years in Estate law
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Thanks for your question and good afternoon.Was the annuity herre payable to a named beneficiary or to the estate?Some more information please so that I may assist you today.Thanks.
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Customer reply replied 4 years ago


Payable to the estate

So since you were appointed administrator of the estate you would or need to apply for an EIN number from IRS.Once you have the number here you set up an Estate Account.The funds get deposited in the account.

This would be part of the gathering of assets you are required to do.You would or need to post a notice to creditors, pay any creditor claims that come in, file final tax return, liquidate any other assets with court approval , and then again with court approval funds are disbursed to legal heirs as found by the Surrogate Court.

Here the court should make a finding as to the heirs and their shares so that again with court approval the funds can be disbursed to them as part of closing the estate.

Apply for an EIN number here.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online

The bank will want the EIN number and your letters to set up an Estate account.

It has been my pleasure to assist you today.Please let me know if you have more follow up.Thanks again.

Laws of Intestacy that set out who the heirs at law are and are applied by the Surrogate Court.

 

 

http://www.visitmonmouth.com/page.aspx?ID=1759


http://www.klenklaw.com/articles/article15


Thanks again.

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Customer reply replied 4 years ago

The Irs, has issued a # XXXXX a bank account has been established.

So the funds go into the account here and once the inventory has been filed, any creditors and expenses filed you would have a final accounting and distribution hearing in front of the court with a proposed division of the remaining assets to be divided among the siblings the laws of intestacy.You notice everybody and the court approves it and you would then be able to cut the checks to them and close out the estate.

 

Here is a great A-Z reference that would walk you through all of this with forms along the way.Thanks for letting me help and being patient.

 

http://www.currylawfirm.net/currylawfirm/docs/jjc-seminar.pdf

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