What is the Probate Process?
Probate is a legal process that occurs after a person dies. While probate may not be necessary in all circumstances, it is a process that typically occurs in the aftermath of a person’s death and involves locating and identifying the deceased’s assets, paying the deceased’s debts, authenticating the deceased’s will, distributing assets, and otherwise closing out the deceased’s estate. If you are planning to work with an estate planning lawyer to create important estate planning documents, it is important to understand how certain assets will need to go through the probate process, as well as what steps you can take with an attorney’s help so that your loved ones may be able to avoid probate for certain assets.
General Probate Process in New Jersey
The probate process usually starts with a person naming another to serve as the executor or administrator of their estate. This should happen before the person dies, and naming an executor can be done in a will. The executor will have an important role to play after the person’s death, and it is important to ensure that the will has been properly drafted, witnessed, and executed according to New Jersey law. Before you name a party to be the executor, you should ensure that they are willing to fulfill this role.
The executor will ensure that the will is admitted to probate and is authenticated, and the executor will take steps aimed at closing out the deceased’s estate. Those steps include the following:
- Identifying and inventorying the deceased’s assets;
- Having assets appraised where necessary;
- Paying debts and taxes owed by the deceased or the estate; and
- Distributing remaining assets according to the terms of the will, or according to New Jersey intestacy laws if there is now will.
Small Estate Simplified Probate Process
Under NJ Rev. Stat. 3B:10-4, there is a simplified probate process that is available to “small” estates where a person has died intestate and has assets of $20,000 or less. However, it is always better to go through the probate process with a valid will rather than assuming that you can avoid making a will because the simplified probate process will apply.
In other words, you do not want your family members to have to rely on the small estate simplified probate process, especially since you may not know for certain if the value of your property makes this type of probate process applicable to you. It is always better to make a will and to create other important estate planning documents with help from a lawyer.
Contact a Summit Estate Planning Attorney
The probate process can be complicated, but it is important to have an understanding of how it works when you are thinking about estate planning. You should know that some assets may be able to go to your loved ones without going through probate, including assets held in a trust or those in certain accounts where there is a named beneficiary. To learn more about how to create a valid will to ensure that probate goes smoothly and to consider options for avoiding probate for certain assets, you should seek legal advice. Contact one of the experienced New Jersey estate planning lawyers at Dempsey, Dempsey & Sheehan today.
Sources:
law.justia.com/codes/new-jersey/title-3b/
law.justia.com/codes/new-jersey/title-3b/section-3b-10-4/
