Fundamental things to know about probate New Jersey

Fundamental things to know about probate New Jersey

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New Jersey probate

Probate is a court-supervised process conducted after a person dies in order to distribute their wealth to beneficiaries or heirs. In New Jersey, probate must be done in line with the probate laws of the state, and this takes place in a probate court in the area where the properties of the deceased are located. Every New Jersey will must be probated. Often, a probate lawyer in that area will be required by the family and personal representative of the deceased. The reason is that probate is a highly legalized and complex process, one requiring professional skill and expertise in handling. Also, probate laws vary from place to place, and only a probate lawyer in that county of the deceased would be well-equipped to offer assistance to families and personal representatives in that county. If you’re probating a will in area 07652, then it is in your best interest to contact a probate law firm 07652 (Paramus, NJ).

Must every estate in New Jersey be probated?

Only estates having assets held in the name of the deceased will be probated. Assets held in joint tenancy will pass to the other surviving party without going through probate. Assets held in a trust, and those having beneficiaries assigned to them outside a will must also pass outside probate.

Is the Uniform Probate Code effective in NJ?

Probate is naturally lengthy, costly, tiresome and complex. There became a need for simplifying probate, and this gave birth to The Uniform Probate Code. This code is a system adopted my some US States that enables them to by-pass some steps of probate, thus making it simpler. But unfortunately, New Jersey is yet to adopt the system and so, probate is as lengthy as can be. But the good news is when you visit us at our probate law firm in Paramus, you are one step closer to having a much shorter and less complex probate. This is because our lawyers are passionate about helping citizens walk through the process in the most hitch free manner possible.

Small estates

Probate for small estates in New Jersey valuing not more than $20,000 and having only one beneficiary, will not go through a complex probate. A simple small estate court proceeding will be done to hand over the estate to the sole heir.

The personal representative

The personal representative is the person appointed to stand on behalf of the decedent, take control of the estate and distribute it to the heirs. If this person is named in a will, he is called an executor. If appointed by the probate court, he is called the estate administrator. Both have the same duties.

Duties of the personal representative

Initiating probate

The personal representative can begin probate at least 10 days after the death of the estate owner. To initiate probate, he has to file a petition bearing the decedent’s will and death certificate to the probate court, after which he has to notify the public that probate has commenced.

Dealing with creditors

The personal representative has to notify all creditors of the decedent. To do this, he most definitely would need assistance from a probate law firm because fraudulent creditors may emerge. The probate lawyer will assist in validating true creditors.

Estate appraisal

The personal representative carries out estate appraisal with the assistance of an accounting professional. But instead of hiring another professional, a probate attorney can get the appraisal done. Probate law firms in Paramus know the in and out of probate, and are specialized in probate accounting as well. They assist personal representatives keep accounting records of how estate funds are managed and spent.

Paying expenses, debts, and taxes

Accurate record must be kept of these because the personal representative must present it to the probate court before disbursing assets. State estate taxes are not paid in New Jersey, but if the estate exceeds $11.58 million for deaths in 2020, federal estate tax will be paid. Inheritance tax are also paid by inheritors, and the value varies depending on how closely related the inheritor is with the deceased.

Contact a probate law firm 07652 (Paramus, NJ)

To have a smooth easy-going probate, having a probate lawyer working beside you is essential. The probate lawyers in our law firm are professional and highly skilled, and will work with personal representatives, surviving families of the deceased to ensure that their best interests are protected, and that beneficiaries receive their inheritance in the shortest possible time. Find a lawyer at our probate law firm today.

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DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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