What is Intestate Succession?

When a person dies in New Jersey and has a valid will, then their property will be distributed to heirs according to their wishes that are set forth in the will. The will must go through a process known as probate, which is a legal process that will involve the validation of the will, the assets and debts of the deceased, and the distribution of assets according to the terms of the will. Yet when a person dies without a will, they die “intestate” according to New Jersey law, and New Jersey’s laws of intestate succession apply. The laws of intestate succession will then govern how the deceased’s property will be distributed, and the process can be long and complex.
Our Summit estate planning lawyers can provide you with more information about intestate succession, and we are here to begin working with you today on your will and any other estate planning documents that can help you to ensure your wishes are honored.
How Intestate Succession Laws Work in New Jersey
Who will receive assets when a person dies intestate? Here is how New Jersey’s intestate succession laws say property will be distributed:
- Surviving spouse but no children = spouse inherits all;
- Surviving children but no spouse = children inherit all;
- Surviving spouse and children from the relationship with the spouse = spouse inherits all;
- Surviving spouse and children from another relationship = spouse inherit first 25 percent and ½ of the remaining balance, and the children inherit the rest;
- Surviving spouse and surviving parents = spouse inherits first 25 percent plus ¾ of remaining, then parents inherit the rest;
- Surviving parents but no surviving spouse or children = parents inherit all; and
- Surviving siblings but no surviving spouse, children, or parents = siblings inherit all.
Are Any Assets Distributed Outside the Laws of Intestate Succession?
The laws of intestate succession only apply to assets that would be distributed through a will. In other words, assets that have already been put into a trust, as well as assets for which a beneficiary is named, will not be divided according to New Jersey’s laws of intestate succession.
In order for assets to be distributed through a trust, the owner of the assets must have established a trust prior to their death. There are many different types of trusts, and different kinds of assets can be distributed through a trust. In terms of named beneficiaries and the distribution of assets, this usually means bank accounts, life insurance policies, and related assets where a beneficiary was named in the policy or a person was identified in a “payable-on-death” (POD) designation on a bank account.
Contact a Summit Estate Planning Attorney
To avoid having your property distributed according to the laws of intestate succession in New Jersey, it is critical to make a will. In addition to a will, you should work with one of the experienced New Jersey estate planning attorneys at Dempsey, Dempsey & Sheehan to consider other important estate planning documents that can help you to plan for the future and to have peace of mind today. Contact us to learn more about how we can assist you.
Source:
law.justia.com/codes/new-jersey/2018/title-3b/