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  1. #1
    Join Date
    Jan 2011
    Location
    Middlesex, New Jersey, United States
    Posts
    1

    Default Is Personal Property Considered Assets in the Estate

    My question involves estate proceedings in the state of: New Jersey

    My father recently passed away and I was named in his will as the Executrix of his estate. His house is foreclosed and we are awaiting notice for the Sherriff's Sale. We have decided to take things out of the house as to not lose it at the Sherriff's Sale. Are items in the house part of the estate? My father's will states that 50% go to his girlfriend and 50% goes to me and my sisters. So if we sold the items from inside the house does this count toward the estate and therefore, 50% would go to his girlfriend? There are also two cars (est value $5K and $3K), a small workman's comp settlement check ($3.5K) and a painting (est value of $3K). The girlfriend took the painting (without our knowledge) and we have agreed to give her one of the cars (est value $5K). It seems with just those four assets alone, we have split what assets my father had of any significant value. So, again, my question is, if we took items from the home to sell, would those proceeds also have to be divided equally?

    I realize that more is involved and as Executrix of my father's will I can deduct any expenses that I incur for settling the estate as well as his funeral costs.

    Thank you!

  2. #2
    Join Date
    May 2008
    Posts
    582

    Default Re: Is Personal Property Considered Assets in the Estate

    Everything that belonged to the deceased is part of the estate. Nothing should leave the house without permission of the executrix. That person is responsible for safeguarding all assets until they can be disbursed.

    Keep track of your expenses and time. It will be more than you realiize. The will may state that the executrix is entitled to fair compensation, and you want to be able to account for your time and expenses. They should be paid for from the estate assets.

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