Legal Question in Wills and Trusts in New Jersey

Re: What Happens When No Will Exist?

There is no maximum time period to qualify, but in NJ one cannot qualify before 10 days have passed from the date of death. The time to qualify usually is determined by the need for the asset, creditor claims against the estate, etc.

There can be more than 1 executor, which usually requires that all people who qualify must sign documents regarding the estate (e.g., withdrawal documents to close out accounts; new bank accounts for the estate, etc.). It is possible for a designated executor to renounce the appointment where multiple people acting will be inconvenient (e.g., I have just probated my mother's Will and the 3 children were appointed executors. One is retired in Florida and cannot always be available to sign papers, so he renounced his appointment in favor of me and my other brother).

Also, if there is no Will, the next related person(s) - spouse first, then ALL children; then brothers and/or sisters can qualify. A bond will have to be posted if there was no Will. Depending upon the relatives and size of the estate, there may or may not be NJ death taxes due also.

If you need any help or wish to talk to me about this, e-mail me at [email protected] or call me @973-377-3313

Walter LeVine

Re: What Happens When No Will Exist?

When no will exists, any relative can apply to the Surrogate of the county in which the person died to become the Administrator of the Estate. That person, after appointment, will then be responsible to gather all of the assets of the estate, liquidate them (e.g., sell a house, or valuable personal property) at a reasonable price and then divide up the assets among the heirs in accordance with the law of the State of New Jersey, which is called the Intestacy Laws. The Administrator must account for everything he/she does, being sure that he/she is acting for the benefit of all of the heirs. The Administrator is also entitled to a 5% commission. Many times, the Administrator will hire an attorney to assist in this process. Depending on the size of the estate and the number of assets, the cost could be very little. The attorney also would assist in preparing the proper tax returns for the Estate and handle other things that need to be taken care of. I am experienced in handling this type of matter. If you want me to assist you, feel free to call me at 856-546-8010. Mention LawGuru and your first consultation witll be free. Good Luck! Rob Gleaner