PROBATE AND WILLS IN NEW JERSEY As Estate Planning Attorneys in New Jersey we often get asks whether probate is necessary if the decedent has a Will. To better answer this question we need to know what is probate. Probate is the process which permits an executor to transfer assets as directed by a decedent in their Last Will & Testament to the beneficiaries in accordance to the decedent's Will. In order to make a determination of which decedent's assets must go through probate, we need to determine the tittle in which the asset is held. Assets held in the name of the decedent alone such as real estate, personal property and monies owed to the testator will generate be transferred through probate. There is however a caveat in this situation as to some financial firms provide beneficiary designation forms which may transfer these accounts without probate. Assets held by the testator and another person jointly, with a right of survivorship, are said to be held as pas
DOMESTIC PARTNERSHIP IN NEW JERSEY For unmarried couples, it is important to have proper estate planning documents to have legal standing to each other. The Domestic Partnership Act established domestic partnerships for same sex and opposite sex (age 62 and older) nonrelated partners. Couples 62 years an older that want to establish a Domestic partnership need to establish the following criteria: · Share a common residence in New Jersey or in any other jurisdiction provided that at least one of the applicants is a member of a New Jersey State-administered retirement system; · Both persons are jointly responsible for each other’s common welfare as evidenced by joint financial arrangements or joint ownership of real or personal property; · Both persons agree to be jointly responsible for each other’s basic living expenses during the domestic partnership; · Neither applicant is in a marriage or civil union recognized by New Jersey law or a m