When a decedent’s debts are formally paid out and the property that is not otherwise distributed under the law is transferred to heirs and beneficiaries, this is known as probate in New Jersey. However, not every asset belonging to an estate goes through probate.
Some of the most common items in New Jersey that do not require probate include:
- Assets that the decedent owned with someone else in tenancy by the entirety, meaning that these assets automatically pass to the surviving owner.
- Assets for which the decedent had a beneficiary outside of a will, such as an IRA, checking or savings account, life insurance proceeds, or 401(k) plans.
Simplified probate procedures might apply if the decedent did not leave behind a will and did not have valuable property above $20,000. This streamlined probate process is much less expensive and is faster than regular probate when it can be used.
The domestic partner or surviving spouse is entitled to the assets below $20,000 without it having to go through probate. The process of understanding if and when probate applies can be discussed by consulting with a New Jersey estate planning lawyer.
Not sure if you have a small estate to go through the faster procedures? Feel that your estate is more complicated and you’re not sure how many documents and tools you need to streamline the process? A lawyer can help explain the options available to you so that you can make an informed choice about your future.