Legal Question in Wills and Trusts in New Jersey

Re: Without a will

If a man dies without a will, do all of his assets automatically go to his wife without negative tax effect due to having no will?

Not necessarily. The answer will depend on who survives him [e.g. wife, children with this wife, or any children not from this marraige]. It will also depend on how title to his assets are held [e.g. joint property will normally pass to the surviving owner, insurance or IRA pass to the designated beneficiary, etc.].

Re: Without a will

A Will only operates on individually owned assets, not assets registered jointly and/or which have a designated beneficiary, like life insurance and retirement plans. Probate without a Will does not change the tax impact (income or death taxes) but can be more expensive as intestacy (where there is no Will) requires fiduciary bonding of the person appointed to administer the estate, regardless of relationship and even if the person is the sole beneficiary. I suggest a Will be drawn (to avoid the extra costs) and to cover situations like the possibility of simultaneous death (e.g., auto accident), as unintended people might inherit under intestacy. If the estate is large enough so there might be death taxes (State or Federal), a living trust should also be considered. Contact me directly if you have any further questions or need assistance.