Legal Question in Wills and Trusts in New Jersey

Re: no will

If you have a lawyer, he/she will tell you that it is a myth that the money goes to the State of NJ - this (called "escheat") happens only if the deceased person has NO relatives . . .You are probably confusing this concept with the New Jersey Inheritance Tax, which is payable if the estate passes to other than spouse, children, stepchildren, grandchildren, parents or charity (these folks have no NJIT to pay); for example, money that passes to siblings is taxed at 11% (with a 25k per person exemption); the return and tax are due 8 months after date of death

Re: no will

No, the estate assets do not go to the State of New Jersey if there is no Will.

When there is no Will, the estate is distributed according to the NJ intestacy statute. If your lawyer hasn't told you this already, you need to hire a new lawyer ASAP.

Re: no will

Both of the other authors are correct, if there is someone who steps forward to handle the "administration" of an intestate estate (the estate of a person who dies without a Will). The closest living relative is eligible for appointemnt, can apply to the Surrogate for this appointment and once meeting the Surrogate's requirements (administration usually requires a surety bond), is granted the authority to handle the decedent's affairs. The State only gets the assets if no one comes forward to administer the estate and the assets lie dormant (no activity) for several years. Assets are then liquidated and the cash proceeds are held by the State until a claim is made. You can check this at the NJ web site for Unclaimed Property. This year we found in excess of One Million Dollars which the State was holding for several decedents where no prior claims were made. Retain a good estate attorney to assist you in all matters.