Probate is a relatively efficient
and inexpensive process in New Jersey; it involves merely
proving the authenticity of the will and qualifying as
executor. If there is no will, a person must qualify as the
administrator of the estate. Qualifying as administrator is
slightly more expensive, because it involves additional steps.
A testamentary trustee must also qualify as trustee.
Generally, qualifying as personal representatives is not
difficult, but the tasks associated with actually settling the
estate or managing the trust often require the assistance of a
knowledgeable professional.
The personal representative is
responsible to collecting and managing assets as a prudent
person would under the circumstances and owes a fiduciary
responsibility to the estate and beneficiaries. The legally
enforceable fiduciary duties include loyalty, candor and
honesty. The fiduciary must never act selfishly but must put
the interests of the beneficiaries first.
These same principles apply to all
personal representatives including, Trustees of Trusts, Agents
acting pursuant Powers of Attorney, Guardians appointed by the
court, and others who control assets for the benefit of
another.
Unfortunately, many personal
representatives are unaware of their legal duties and of the
procedures involved in managing an estate or trust. This
ignorance results in inaction, delay, suspicion and in many
cases costly litigation. It doesn't have to be this way.
Retain competent counsel and get it right the first time.
Remember the immortal words of Benjamin Franklin: "A
stitch in time saves nine!"
Mr. Mangini's approach to conflict
resolution is based on the presumption that suspicion results
from insufficient communication and ignorance. Mr. Mangini
seeks to educate all parties and thereby open lines of
communication and efficiently settle the matter.
Only the lawyers win after lengthy
and expensive litigation.
Attorney-
at- Law
35 Court Street
Freehold, New Jersey 07728