Legal Question in Wills and Trusts in New Jersey
Renouncing estate to father's domestic partner
My father passed without a will. My sister and I want everything (house, car, bank accounts, etc.) to go to his domestic partner, except the life insurance policy written out for us. We were told that in NJ his house has to go into probate even though his partner's name is on the deed, beacuse there is not a ROS clause. Once we fill out a renounceation form, can everything get turned over to him, or is there still a drawn out process?
4 Answers from Attorneys
Re: Renouncing estate to father's domestic partner
I will need more facts to answer your question [and I would also need to see a copy of the deed you are talking about].
The first step is to have an Administrator appoited for your father's estate. Family members have priority.
To have the estate pass to the domestic partner, you and your sister would need to disclaim your interest in the intestate estate [and specifically the real estate if it is part of his probate estate...your question does not make that clear].
You have 9 months to sign and file the disclaimer.
Depending on the value of the estate, there may also be estate tax filings and possibly federal and/or NJ estate/inheritance tax to pay.
Re: Renouncing estate to father's domestic partner
Even if you renounce, your father's life partner must file and pay inheritance taxes and perhaps estate taxes to New Jersey. One of you should see a lawyer, preferably in the County where your father died. You and your sister can renounce and also have your father's life partner named administrator. If we can help, please call for an appointment.
Re: Renouncing estate to father's domestic partner
While I mostly agree with Jon, I have not seen the Deed or how the house is titled, and also have a suggestion on how to save possible inheritance taxes. This presumes that the proper recording of a Domestic Partner Affidavit has been done. A properly recorded DPA will exempt the value of assets from being subject to NJ inheirtance taxes, presuming they do not exceed $675,000 and allow the assets to pass to the partner as a Class "A" beneficiary. If this has not been done (recording a DPA), you should not "renounce" your inheritance, but take it and "gift" it to the partner. There are ways to do this without incidence of possible gift taxes. If you need more information or assistance, contact me directly.
Re: Renouncing estate to father's domestic partner
This is a perfect example of how a Will and Estate Plan would save a lot of time, money and hassle! You need to get a good tax and estate attorney BEFORE you do anything. If not, you could mess things up!
I hope this helps!
Ron Cappuccio
http://www.SaveYourEstate.com
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