Legal Question in Wills and Trusts in New Jersey
What things do I need to do and questions do I need to ask for the current situation? Both of my parents recently passed (the most recent was last week). There are 5 siblings. To my knowledge there is no will or anything outlining their wishes. There may be a couple of insurance policies still out there but there will definitely be some medical bills and there is a house to consider. The house is paid for. All siblings are in agreement that we want the house to stay in the family but what can we do to ensure that no one individual has more control than the other? I have been told that we need to act quickly due to time constraints, is this true?
1 Answer from Attorneys
1. Search high and low to find a will. If you find it, probate it.
2. If there is no will, someone [likely one of the children] will need to step forward and qualify before the County Surrogate as the estate Administrator.
3. The Administrator will need to gather the assets and pay all debts and expenses.
4. The assets, including the house will be distributed to the heirs at law.
5. The real estate is often a major problem. "Keeping in in the family" sounds great, but 99% of the time is either impractical or unworkable. Who will pay the bills, taxes, maintenance and insurance? Who gets to live there? Will they pay rent to the others who don't live there? There are many, many issues which can cause problems. Often the best solution is to sell the house. If one of the heirs wants to buy it, they can purchase it from the estate at fair market value.
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