Probate in NJ with No Will
When the inevitable happens, it can leave you thinking about what to do next. Losing a family member or a loved one is never easy. This is especially true when the person dies without a will, leaving no one to manage their final wishes.
A study shows over 68% of Americans have not written a will. If there is no will, state intestacy laws determine how to bestow your assets. This process can complicate an already challenging situation in states like New Jersey.
Passing away without probate is a problem. But what is the damage? Here’s what to know about what happens with Probate in NJ without a will.
The Consequences of Not Probating a Will in New Jersey
Probate in NJ without a will can mean that beneficiaries can’t receive any assets or inheritance. The state may choose to freeze your belongings when there is no legal beneficiary for your assets.
Probate in NJ without a will also means that if you have children, they receive an “intestate share” of your assets. The factors affecting this are how many children you have and if you were married. Additionally, if your spouse is also the parent of your children, this makes a difference.
The state will also examine any children your spouse had from another relationship.
What Happens if You Don’t Probate a Will in New Jersey
Since probate is mandatory, going through probate in NJ without a will means creditors or anyone you owe can file suit against your estate.
If your estate is insolvent, meaning there are more bills to pay than money, your family may not get anything. Outstanding debts can lead to financial hardship. Which is another reason to have a will.
The Importance of Probating a Will in New Jersey
New Jersey probate procedures are required when a person is deceased. This is how the state ensures your assets are appropriately passed on to your decedents.
While living, taking care of this process ensures that your assets are fairly distributed and any taxes or liens you owe are paid in full. Estate planning is critical. Also, having a will makes transferring property in New Jersey easier.
How to Probate a Will in New Jersey
The best way to probate a will in New Jersey is to first speak with an executor and probate attorney in New Jersey. They can help you understand NJ spouse inheritance laws and other New Jersey probate procedures.
Next, collecting and surveying the deceased person’s assets would be a good idea. In some cases having their assets appraised by a professional can be beneficial.
Paying debts, taxes, and other bills is also essential. Lastly, you want to distribute the remaining property per the will.
Don’t Go Through Probate in NJ Without a Will
Hopefully, after reading about the process for Probate in NJ without a will, you will see how valuable having one in place is. The purpose of a choice is to reflect your current wishes, making assigning assets simple.
If you are looking to probate a will or need information on navigating the probate process, let us help. Contact us today to get started.