Legal Question in Wills and Trusts in New Jersey
What constitutes an estate?
My mother passed away recently and her will stipulates how the proceeds of her house should be divided (unequally) among her 4 children with contents going to the youngest. Remainder of the estate is to divided equally. Funeral expenses are to be paid from the estate. What constitutes the rest of the estate? Her 2 life insurance policies show the youngest child as the beneficiary and her savings and checking accounts show him as POD. Are those items NOT part of the estate then, only her house and car, she really does not own anything else. That child is NOT the executor and is against hiring a lawyer. Any help would be most appreciated.
2 Answers from Attorneys
Re: What constitutes an estate?
Life insurance policies with a "named beneficary" --as opposed to designating "the estate" as beneficiary passes outside the will; also, the pod accounts pass directly to the designated "owner" of the account at the time of death.
Re: What constitutes an estate?
The executor has the right to hire a lawer to help him/her administer the estate regardless of any objections from a beneficiary about hiring a lawer.
Only the "probate" assets make up the remainder of the estate...The insurance and any POD or joint accounts pass outside probate directly to a named beneficiary and are generally not considered part of the estate remainder.
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