Legal Question in Wills and Trusts in New Jersey

Process of Inheriting Stock & House

Hi,

3 children of legal age will inherit some stock & house as both parents are deceased. Do the stocks take current value on date of death & would they be transferred equally to the 3 children? If we choose to sell the house what is normally involved in the process of finding a title and whats required to sell it? The estate may be awarded a holographic will if accepted or intestate if its not accepted. This is solely in NJ, the accounting inventory will be about 850-900 thousand.

Thanks for any info provided.


Asked on 2/04/09, 11:36 pm

1 Answer from Attorneys
Jonathan Chester The Law Office of Jonathan S. Chester, Esq., LLC

Re: Process of Inheriting Stock & House

This seems like a fairly complicated matter [holographic will or intestacy will require some degree of legal work and may vary the estate distribution depending on whether the holographic will is admitted to probate or not].

Depending on the outcome of the holographic will, either an executor or administrator [probably one or more of the children] will be appointed. That person will have the power [among other things] to make distributions of estate assets [according to what the will says or according to the intestacy statute]. They would have the power to sell the house and distribute the proceeds...likewise, they could sell or distribute the stock in cash or in kind.

Based on the value of the estate, there will be a NJ Estate Tax return which must be filed and there will likely be an estate tax to pay. I strongly encourage you to hire a trust and estates attorney to help you through the process.

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Answered on 2/05/09, 11:27 am


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