In most cases, the probate process in New Jersey is straightforward and inexpensive. A will does not have to be probated unless it contains assets subject to probate.
The beneficiary of your bank account and life insurance policy can avoid the need to go through probate in uncomplicated estates.
Most people value privacy, and minimizing inconveniences, no matter how small, for grieving family members is always important. You can better understand New Jersey probate laws and other relevant estate planning rules by consulting with Cherry Hill NJ Probate Lawyers.
Exceptions to New Jersey’s Probate Requirement
People typically avoid probate by avoiding a will if they have all their assets jointly owned when they die. Regardless of the deceased spouse’s bank accounts, naming the surviving spouse in the ‘Will Testament’ would prevent probate.
Naturally, not everyone is in this circumstance. There are, however, additional options for avoiding probate for your will. Here are a few examples:
- Making an investment in a revocable living trust;
- Obtaining joint tenancy for a real estate with a right to survivorship;
- Nominating beneficiaries for retirement plans, death benefits, and bank accounts
Avoiding Probate with Living Trusts
There are many situations where living trusts are used to bypass probate court, especially if the incentive to avoid probate court is significant. You can put practically any asset in a living trust in New Jersey.
Upon your death, the successor beneficiary will be the trustee of the trust and will have the authority to distribute assets to your surviving successor recipients according to your instructions in the trust document. Due to your pre-determined beneficiaries, a ‘Will’ can be drafted without the need for probate.
Probate Procedure in Cherry Hill, NJ
Probate avoidance is more valuable in some states than it is in others. In some places, probate fees are based on the value of the assets, so your family may have to shell out a considerable part of their inheritance just to have the will verified. It could take months for family members to receive the funds they require, depending on how they manage the process.
When a will is present, the probate process is comparatively swift and painless in New Jersey. The cost is determined by the length of the ‘Will’ rather than the estate’s valuation. In addition, it’s a short process, and traveling to “probate court” usually merely involves visiting the Surrogate’s office.