Legal Question in Wills and Trusts in New Jersey

Re: beneficiary of money market account

Probably not. Generally joint accounts or POD (pay on death) accounts pass outside the will directly to the other joint owner or beneficiary and are not part of the probate estate.

However, if there was a suspicious circumstance, mistake, undue influence or fraud in establishing the joint account, it may be possible to prove it belongs back in the estate.

Re: beneficiary of money market account

Bernard is partially correct. There is a "probate" estate which you must handle pursuant to the Will and a potential "estate and/or inheritance tax" estate for which you also have responsibilities. As Executor you must file, if required, either or both of a Federal Estate Tax Return (Form 706) and a NJ Inheritance Tax Return, if the total estate, gross, exceeds the applicable levels. The "total estate" is the aggregate of all assets owned or controlled by the decedent. It includes not only assets owned individually by the decedent, but also those that pass outside the Will, due to joint registration or beneficiary designation (such as retirement plans like IRA and 401-k plans), insurance policies owned by the decedent. The Will may guide you as to how the taxes, if any are to be paid, and from what assets. Be careful, some assets passing outside the Will may create estate debts only payable from assets covered by the Will. I need more information to give you a better answer, but I hope this overview helps. If you have questions, contact me directly.

Re: beneficiary of money market account

If the money market account was a joint account, it i not part of the estate. The surviving joint owner does not have to include that account his/her share of the estate that passes through the will.