Legal Question in Wills and Trusts in New Jersey

Re: Estate Questions

With respect to the life insurance policy - the proceeds are distributed according to the beneficiary designation as part of the contract with the life insurance company. The claims procedure of the company must be followed to receive the proceeds.

While you state you owned a home (and mortgage) together, you do not indicate whether or not you and the decedent were husband and wife. Additionally, you do not whether or not there were additional debts (other than the mortgage) that may cause the Estate to be insolvent. The mortgage is already a lien on the house. Other creditors may or may not be able to lay claim to Estate assets depending on various factors. For example, liens for unpaid taxes of various kinds, contractual obligations not yet paid, and other debts of the decedent and/or the Estate.

If you have been appointed the executor or are applying to the court to be appointed administrator, you should consult your legal advisor soon.

Re: Estate Questions

The simple answer is if the Life insurance policy designates a specific person it does not go through will. As to the house the answer depends on how you held title. You need to show a copy of the deed to an attorney to get the right answer. If you are in North Jersey you can call us. If you mention Law Guru, the first half hour is free.

Re: Estate Questions

As the beneficiary of the policy, you are entitled to the proceeds. With respect to the decedent's debts, they can become a lien on the real property that you owned jointly with the decedent. There are steps that the Administrator of the estate can take to mimize the time in which debtors may make a claim/lien against the estate and/or real property.