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 pass by operation of law at the testator’s death to the surviving joint tenant. In this case, assets that are titled this way are not subject to probate.
Property that has a beneficiary designation is generally non-probate property which passes in accordance with beneficiary designations assigned by the testator. Examples of these are Life insurance proceeds, 401(k) plans and IRA’s name in their records, or a copy of a form signed by the owner of the property indicating the beneficiary.
If you are interested in planning your Estate in New Jersey or would like to obtain more information about our services please contact us at (201) 880-5563. Our offices are conveniently located in Hackensack and Morristown New Jersey. Our multilingual staff is ready to serve your needs should you have questions or concerns.
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 pass by operation of law at the testator’s death to the surviving joint tenant. In this case, assets that are titled this way are not subject to probate.
Property that has a beneficiary designation is generally non-probate property which passes in accordance with beneficiary designations assigned by the testator. Examples of these are Life insurance proceeds, 401(k) plans and IRA’s name in their records, or a copy of a form signed by the owner of the property indicating the beneficiary.
If you are interested in planning your Estate in New Jersey or would like to obtain more information about our services please contact us at (201) 880-5563. Our offices are conveniently located in Hackensack and Morristown New Jersey. Our multilingual staff is ready to serve your needs should you have questions or concerns.
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