What is probate?
Probate is a court process conducted in a Surrogate’s Court, by which the will of a deceased person is validated and their estate is distributed. If no will is found, or the written will is found to be invalid (not conforming with estate laws of New Jersey) probate will still be done so long the deceased owned assets in their own name alone. Vehicles, houses, companies, bank accounts, etc., owned in the name of a deceased will have to pass through probate before they can be allowed to fall into the hands of the beneficiary or heirs. Assets owned in a trust, jointly owned with a spouse, or having beneficiary designations such as POD bank accounts and IRAs will not pass through probate before passing on to the named beneficiary.
Probate law firm offering assistance with probate Bergen County
Note that probate takes place in the county where the deceased owned property. If you own property in Bergen County, then this is where probate will take place. Personal representatives can obtain professional assistance from a probate lawyer by contacting a probate law firm in Bergen County.
The roles of a personal representative in probating a will in New Jersey
The roles of the personal representative includes notifying the public of the commencement of probate, taking stock of all the estate assets and appraising them, filling tax return forms, paying estate debts, expenses, and taxes from estate funds, keeping record of how estate funds are spent and ensuring they are spent judiciously, and then distributing the assets to the beneficiaries.
New Jersey Order of Priority of Claims
Most people write wills and allocate how much money will go to beneficiaries without taking into account debts and taxes. After debts and taxes are paid, funds left may not suffice to distribute to beneficiaries. The executor may decide to sell property for liquidity, but not without consent from the family and beneficiaries. To avoid cases where executor is left without enough funds to distribute to beneficiaries, he should first make accurate calculations to determine if the estate is solvent; i.e. if it’s enough to go round. If it isn’t, then the executor should employ New Jersey Order of Priority of Claims. This law allows beneficiaries to be paid first before creditors. Your probate attorney in Bergen County will assist you with this.
Types of probate in Bergen County
There are basically two types of probate in New Jersey: the regular probate and the small estate probate.
Regular probate
Estates exceeding $20,000 in New Jersey must go through the regular process of probate. This is because the Uniform Probate Code that simplifies probate has not been adopted by the Garden State. For such estates, probate is usually lengthy and complex, and beneficiaries may have to wait months and years before receiving a dime. However, hiring a probate attorney from our probate law firm Bergen County can mean the difference between a tiresome probate and a shorter more successful one.
Small estate probate
Estates worth $20,000 or less in New Jersey will still be probated but are regarded as small estates, so will take lesser time to probate. Small estate probate is a simplified probate in New Jersey conducted for estates not exceeding $20,000 in which:
- There is no valid will
- The will states that the only beneficiary is the spouse or domestic partner of the deceased
- There is no spouse or domestic partner. In this case, an heir can file an affidavit to inherit all the estate, but not without a formal written consent of all other heirs.
Probate law firm Bergen County
Our probate law firm Bergen County is known for assisting executors and estate administrators have the best possible probate experience. Executors are often faced with difficulty in knowing how to deal with taxes, knowing which creditor is legitimate, managing estate funds, or filing petitions. All these are some areas where our probate lawyers will assist you. In the absence of a will or named executor, your probate lawyer can help you apply to become the executor. Our lawyers also offer assistance in will contests, estate litigation, and estate planning. Contact our probate law firm Bergen County for the best probate experience.