|
Have a New Jersey probate issue? The New Jersey lawyers of Miller, Miller & Tucker, PA can help. Some answers to your NJ probate questions: 1) How do I begin the probate procedure in NJ? The person that wishes to be appointed to represent the Estate will bring a certified copy of the death certificate and the original Will. While the Surrogate can begin the paperwork anytime after death, probate cannot be completed until the day following the tenth day after death. 2) Is the probate process in NJ expensive? No. While fees are set by the New Jersey legislature, most probates cost less than $200.00. 3) If an individual dies without a Will, what is the surviving spouse entitled to? Where the surviving spouse has children of the same marriage and no stepchildren, the spouse will inherit the entire estate. If there is a child or children of the same marriage and the surviving spouse has a child or children of a prior union, then the spouse will take the first 25% of the estate, but not less than $50,000.00 nor more than $200,000.00, plus one-half of any balance. Decedent's children (from this marriage or any prior union) share the other half equally. If the decedent has children from a prior union, the spouse will take the first 25%, but not less than $50,000.00 nor more than $200,000.00, plus one-half of any balance. Decedent's children (from this marriage or any prior union) share the other half equally. If there are no children, but the decedent is survived by parent(s), the spouse will take the first 25% of the estate, but not less than $50,000.00 nor more than $200,000.00, plus three-fourth of any balance. The parents will inherit the other one-fourth. 4) Why do I need to post a bond if someone dies without a will? New Jersey has determined that a bond must be posted that represents the full value of the real and personal property in the Estate. The bond acts as an insurance policy on the Estate to ensure that the assets are distributed properly. The Surrogate does not have the discretion or right to waive the requirement. 5) Do I need to file a formal accounting if I represent an estate? The answer is no as most Estates in New Jersey are settled without formal court proceedings. A representative may, however, file an informal accounting with the court or obtain a written agreement/consent form from all of the beneficiaries to the Estate that dispenses with the accounting, approves the actions of the representative and provides for the method or manner of distribution. 6) Am I entitled to compensation as a personal representative in a NJ probate? The answer is yes. The New Jersey Legislature has set commissions based on corpus and income amounts that are allowable on all Estates, Trusts and Guardianship matters. You are entitled to 5% on all corpus not to exceed $200,000.00, 3.5% in excess of $200,000.00 up to $1,000,000.00, and 2% over $1,000,000.00. 7) What is the personal representative in a NJ probate required to do? They are required to collect and safeguard all of the assets of the Estate, pay the debts and taxes and turnover the balance of the Estate funds to the beneficiaries. 8) Is it necessary to send copies of the Will to the beneficiaries? The personal representative is required, within sixty days of probating the Will or taking out letters of administration, to notify the heirs at law, next of kin and beneficiaries in writing that the Will is probated, the date and place of the probate, the name and address of the personal representative and a statement that a copy of the Will shall be furnished upon request. A proof of mailing would be filed in the Surrogate's office evidencing the mailing. 9) How soon must state inheritance taxes be paid? New Jersey inheritance tax returns must be filed and the tax paid within eight months after the date of death to avoid interest. While an extension to file may be granted, the tax must still be paid initially.
Count on us when you need experienced New Jersey divorce lawyers in the following areas:
We are very proud that our firm has the highest (AV®) rating in the Martindale - Hubbell® Law Directory. This rating is the result of confidential questionnaires sent to other practicing attorneys and members of the judiciary. The "A" rating is the highest legal ability rating, while the "V" signifies very high adherence to professional standards of conduct, ethics, reliability, and diligence. When you need an experienced lawyer for your New Jersey probate matter, call on Miller, Miller & Tucker, PA. |