If you are dealing with a loved one's estate after their death, it is important to have an experienced probate lawyer on your side. This will ensure that your loved one's wishes are carried out and their assets are distributed as you intended them to be.
When a person dies in New Jersey without a will, their estate is subject to the state's "intestacy" laws. These laws determine how your property will be distributed, beginning with your spouse and children.
A probate attorney in NJ may also be able to facilitate mediation among disputing parties, which could result in a resolution outside of the courts and avoid lengthy court proceedings.
Probate is the legal process of administering a deceased person's estate, paying debts, and dispersing property according to their wishes. A probate & estate administration lawyer can guide you through the entire probate process and handle everything that needs to be done.
The first step of the probate process is to prove a will, which means bringing it to the Surrogate's office in order to have it validated. This will allow you to obtain access to your loved one's accounts and property.
If a will is not proofed, the Surrogate may not be able to approve your access to the decedent's bank and investment accounts. This can make it difficult to access the assets of a decedent, which can lead to significant delays in the process.
A seasoned probate attorney in NJ can help you prove the validity of a will, including ensuring that it is authentic and that all parties agree to it. They can also represent you in probate litigation, which involves challenging a will based on a variety of reasons.
Having a lawyer on your side who has experience with probate law and who is compassionate can make the entire process much easier to deal with. These lawyers can also protect you from any heirs who may challenge your loved one's will or distribute their assets improperly.
When a decedent's estate is valued under a certain threshold, there is a shortened probate process in New Jersey. This process is known as the "small estate procedure." A person's estate can qualify for this shortened probate process if it is worth less than $20,000, there are no surviving spouse or domestic partner and only a single beneficiary.
In addition to a shortened probate procedure, a New Jersey estate with a value under this threshold can be eligible for a special tax benefit, called the "small estate exclusion." This allows you to exclude some of your assets from being included in your taxable estate.
The small estate exclusion can be a huge advantage in many situations, especially when it comes to minimizing the amount of estate tax that you have to pay. It is also beneficial to have a lawyer on your side who can negotiate with the IRS and help you file any necessary paperwork to claim your exemption.
Probate is a legal process required in the state of New Jersey for all estates formed in the wake of a recent death. If you have died without a will, or if you have a complicated estate, probate is essential to ensure that your assets are distributed according to your wishes. However, there are some steps you can take to reduce the amount of time and cost involved in the probate process.
The executor or administrator of an estate must file an Application for Probate to the Surrogate of the county in which the decedent resided at the time of his or her death. The application contains information about the deceased's assets, debts and beneficiaries. The court can reject the application if it finds that the documents submitted are false or misleading.
Once the application is filed, the probate court will appoint an executor or administrator of the estate. This person handles all the estate's business and manages the distribution of property to inheritors.
After an executor is appointed, they will need to secure and inventory all the decedent's estate. They will also be responsible for contacting creditors and those with claims against the estate. These claims may include back taxes, mortgages, unpaid medical bills and other unpaid or delinquent debts.
When creditors are notified of the estate, they must submit their claims to the executor within a specific period of time. Typically, this time period is about nine months from the date of death. If a claim is accepted by the executor, it will be paid out of the total value of the estate.
If a creditor does not respond to the executor's notification, the executor may need to file a lawsuit against them. This can be costly and can delay the distribution of estate assets to heirs.
The probate process can be a daunting task for anyone handling an estate, but it can be made much easier by planning ahead. If you have a complex or large estate, hiring an experienced estate attorney to help guide you through the process can make all the difference in the world.
A properly drawn will can prevent the need for probate in many cases. It can also protect your heirs from undue financial pressure and stress.
While a will can simplify the process of estate administration, it is important to hire an attorney who is experienced in New Jersey probate law. An estate attorney will help ensure your rights are protected and that your assets are distributed according to your wishes.
The first step in the probate process is to obtain letters of administration from the probate court. This will appoint an administrator of the estate, which can be the surviving spouse or domestic partner or a person chosen by the decedent's heirs. The person named as the administrator is charged with distributing all the estate's assets according to the terms of the will or under New Jersey law if there was no will.
Probate is the legal process of settling an estate after a person passes away. It can take up to several years, and it can be expensive if heirs contest the will or if assets are difficult to locate.
Many people wonder what probate fees are and whether they should hire an attorney to help them through the process. The answer varies, but it all depends on where the case is filed and how complex the paperwork is.
The most common probate lawyer fees are based on a flat fee, an hourly rate or a percentage of the gross value of the assets in the estate. Using this billing method, a probate attorney can charge as little as $13,000 to probate a typical estate with a gross value of $500,000 (though the estate would do much better by paying the lawyer per hour).
Other common fees for the executor and the lawyer include accounting fees, appraisals, business valuations, court filing fees, and various document fees that you may need during the process. Some institutions, like banks, will only accept copies of documents, so if you need originals of important documents, you may need to pay for them.
Document fees: If you need to access a deceased person's assets, such as bank accounts, you'll need official certificates from the court. These certificates are known as letters of testamentary or letters of administration, and they're often required by financial institutions to give you access to the deceased person's money. These certificates usually cost a few dollars each, but you'll probably need several for your purposes.
These fees can be high, however, because they're calculated based on the gross value of assets that you're not actually transferring. This is why lawyers prefer to charge by the hour or flat fee: it's less likely that you'll be charged for six-minute intervals of work, which can make you feel uncomfortable.
The best way to avoid probate costs is to plan ahead and use estate planning tools such as trusts and revocable living trusts. Those types of plans can avoid probate, reduce expenses and keep your estate more organized for beneficiaries.
Another key factor in avoiding probate is to have your will prepared. The sooner you complete a will and get it signed, the quicker the probate process will be completed. It's also a good idea to add a no-contest clause to your last will, so that the testator's wishes are carried out even if heirs challenge the will.
Lastly, you can decrease your probate costs by choosing an executor who is not in your family and by limiting the number of heirs. You can also reduce probate expenses by being careful in your collection of documentation and storing information well.
If you're unsure about what probate costs are or if you need to hire an attorney to help you, contact an estate law firm or a local lawyer for a consultation. They can tell you more about the costs and help you determine how much to budget.
The Matus Law Group
125 Half Mile Rd #201A, Red Bank, NJ 07701
(732) 785-4453