If There’s No Will, Is There Still a Way?

We discussed what a will is and why it’s important to have one in another article (which you can find here). That’s all well and good, but what if you don’t have one? So, what now? Now, before you start panicking, let me put your mind at ease. If you don’t have a will, two things can happen, and we’ll look into those two things more closely now. The first of these is known as an Affidavit.

Affidavit

While the term may appear to be confusing, an affidavit is simply a written statement of facts. There are, however, various types. For example, if a person dies but is survived by a spouse and the property they owned is less than $20,000, an Affidavit of Surviving Spouse can be issued to dispose of the property without involving Administration.

If there are heirs but no spouse, an Affidavit of Heirs can be issued to the person who is the deceased’s closest kin. However, keep in mind that property owned by the deceased alone cannot exceed $10,000, and that consent from certain individuals may be required.

If everything goes well, the Surrogate can issue either an Affidavit of Spouse or an Affidavit of Heir, allowing the named individual to act on behalf of the deceased in relation to the property listed in the document. These documents are not available until the sixth day after the death.

Administration

If the value of the property owned exceeds $20,000 and there is a surviving spouse, that person may be appointed Administer of the estate, and a bond for the full value will be posted if there are other people entitled to inherit it.

If there is no surviving spouse and the estate exceeds $10,000, the next-in-line heir can be appointed as administrator, and the rest of the process is the same. Please keep in mind that renunciations may be required.

If you want to be considered for the position of administrator, the Surrogate Court requires a few things. A certified copy of the death certificate and qualification papers signed by the applicant are included (s). Letters of Administration and certificates will be issued once all requirements have been met, but not until the sixth day after death.

Contact New Jersey Estate Planning Attorney Today

No need to panic if you don’t have a will. While attorney Justin Scott agrees it can be (and usually is) beneficial, he also says:

“There are ways to work around it. These steps, while they can seem rather daunting, are in fact quite easy to understand, if you have knowledgeable people passionate about what they do. It’s our job to take care of the hard parts because waking up and living each day with the loss of a loved one is plenty hard enough.”

Contact us today at (856) 485-4585.

How to Avoid Probate: Part 1

“Probate this, probate that!” you may be thinking. That’s fine, but what if I don’t want to deal with any of it? Is there a way to avoid it entirely?

The simple one-word answer is: YES!

In Part 1 of this three-part quick how-to guide, we’ll cover a couple of things: Revocable Living Trusts, Pay-On-Death Accounts, and Registrations.

To begin, let’s look at the first thing.

Revocable Living Trust

Basically, Living trusts were created in order to give people an end-run around probate. One advantage of having any of your valuable property in a trust is that it is not considered part of the probate estate. Keep in mind, however, that it is counted as part of the estate for federal tax purposes.) The reason for this is because someone called a trustee, and not you as an individual, owns the property left in the trust.

After you pass away, the trustee can then easily and quickly pass along the trust property to whomever you left it to—thus avoiding the probate process. You are also able to specify in the trust document (think of it almost like a will) who you want to inherit the property, whether family or friends.

Pay-On-Death Accounts

Something interesting that you can do with your bank accounts and retirement accounts are to convert them into what is known as a Pay-On-Death account. This process is rather easy. All you have to do is fill out a simple form and then list someone as a beneficiary. Upon death, the monies in those accounts go directly to the beneficiary you listed and thus avoid the probate process.

Registrations

You can also do the same thing for security registrations and, in some states, even vehicle registrations as well. It is important to note that some states also allow for Payable-On-Death real estate deeds that use a deed that doesn’t go into effect until you pass away.

Other Ways to Avoid Probate

So as you can see, there are quite a few ways to fully avoid going through probate if that’s something you decide you’d rather not do. In part 2 of our article, we’ll look at how to avoid probate using Joint Ownership of Property and by giving Gifts.

Scott Counsel’s attorneys are well-versed in Surrogate Court procedures. When your rights are violated, we can advise you of your rights and, if necessary, file a lawsuit to seek an appropriate remedy. Contact us today at (856) 485-4585.

A Simple Will: Just the Basics, Please

So, most people have heard of a will. It’s a good idea to have one because if you don’t, the state decides who gets your belongings and, in some cases, who raises any children you leave behind. If the thought of that scares you as much as it does me, you should probably make a will. While this may appear to be a nearly impossible task, it does not have to be. In fact, there is such a thing as a basic will, and our New Jersey estate planning attorney will explain further.

You Can Write Your Basic Will Yourself

If all you want or need is a basic will, you can actually write it up yourself, without any legal help, using a do-it-yourself book or software. Fear not, making a will this way ensures that it’s just as legally binding as if you had a professional help you with it.

With a basic will, you can make a binding document that does the following:

  • Leaves your property to the people and organizations of your choice
  • Names a guardian to care for any minor children you have in case you can’t
  • Names someone to manage any property you leave to any minor children (either your own or someone else’s) and finally
  • Names your personal representative, who makes sure that the contents of your will are carried out.

When Do You Need a basic Will in New Jersey?

In general, if you’re under 50 and don’t expect to leave a lot of valuable assets behind to estate taxes, you should be able to get by with just a basic will. However, as you get older and have more valuable possessions, it may be a good idea to look into something better.

Can A Basic Will Avoid Probate? 

Unfortunately, there is no way to answer that question. If you leave anything more than a small amount of property in your will, probate proceedings will almost certainly be initiated. It’s no secret that probate is a time-consuming and expensive process, lasting anywhere from six months to a year and costing up to 3-5 % in lawyer and court fees. Beneficiaries will also receive little to nothing until the process is completed.

The good news is that if you only need a basic will, you don’t need to worry about probate right now. If you’re young, in good shape, and don’t have a lot of money, your main priority should be to plan for the unlikely event that you die suddenly and unexpectedly. Aside from that, you almost certainly have enough time later to plan for all of these other things.

Our New Jersey Estate Planning Attorney is Here to Help

So concludes our brief examination of a basic will. We hope this helps to shed some light on a situation that you may not have realized could apply to you. Finally, consider this quote from New Jersey estate planning attorney Justin Scott.

“Anything dealing with legal matters can be confusing and costly, so it’s good to let people know there is something they can draw up themselves, with the help of books or software, and make sure that the important things in their lives are taken care of without having to go through the stress and hassle of having to shell out a lot of money to hire a professional.”