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Probate is the process by which a will is executed, assets are distributed, and debts are paid after someone’s death. The purpose of probate is to ensure that all parties are treated fairly and that debts and all taxes are paid in a timely manner.
There are a variety of legal issues that can arise during probate. For example, the will could be contested, creditors or unknown heirs could make claims, and beneficiaries may disagree about asset ownership and distribution. Rosenblum Law probate attorneys have extensive experience in New Jersey probate courts and can help you settle your estate quickly and accurately. Contact us today for a free consultation, and keep reading to learn how we can help you get through probate.
What Does a New Jersey Probate Attorney Do?
Guiding the Executor and Beneficiaries
A New Jersey probate attorney can explain the legal responsibilities of the executor, who is named in the will and may not be familiar with their duties under various probate laws. If disputes arise between beneficiaries, the probate attorney can represent the executor in court.
Managing Estate Administration
There are a number of documents that may need to be filed with the court during probate. A New Jersey probate attorney can:
- Prepare and file them on behalf of the executor (or administrator, who is appointed when no executor is named in the will)
- Ensure proper notification of heirs and creditors, the latter of which are typically given nine months to come forward with claims against the estate
- Manage and properly report assets, which an estate may generate while in probate
- Manage estate debts
- Assist with allowances to the widow, widower, and/or immediate children for their care and maintenance during probate
Avoiding Common Probate Issues
Disputes among heirs and beneficiaries is common, especially if there is no will or the will is being contested. A New Jersey probate attorney can act as an impartial party to help with negotiations between heirs and beneficiaries and come up with a distribution plan that will suit all parties. The attorney can also address potential will contests and other conflicts, both in court and through negotiations.
Tax Planning and Implications
New Jersey no longer has an estate tax, but it does have an inheritance tax that must be paid by the person inheriting property through probate, a will, or a trust. An attorney can ensure compliance with federal and New Jersey estate tax law. Estate taxes typically must be paid before probate is closed.
When Should You Hire a Probate Attorney in New Jersey?
Complex Estates
Complex estates are those with multiple properties or significant assets. Estates that include an IRA, investments, retirement pensions and accounts, and/or multiple real properties are considered to be complex and require the advice of an experienced attorney.
Disputes Among Heirs
If there are disputes among heirs, they should hire a New Jersey probate attorney to help them come to an agreement. The attorney can facilitate negotiations and, if needed, argue for an equitable solution in probate court.
Someone should also hire a New Jersey probate attorney if a will is being contested. An experienced attorney can determine if a will is valid or not, and uphold a will in probate court based on the law of New Jersey.
Taxable Estates
The exemption for federal estate taxes is $13.61 million for an individual or $27.22 million for married couples. Estate taxes are only charged on amounts over these thresholds.
If an estate is subject to federal estate taxes, it is best to have a New Jersey probate attorney assist in calculating, paying, and filing the tax forms.
Out-of-State Executors or Beneficiaries
Out-of-state executors or beneficiaries may benefit from hiring a New Jersey probate attorney. The attorney can attend probate court on their behalf, saving them from travel and missed work.
Out-of-state executors are able to get travel expenses reimbursed from out of the estate, but this is subject to rules that an attorney can best navigate. An out-of-state executor is also required to post a bond unless this requirement is specifically waived in the will.
Unclear Wills
If a will was written or dictated by an individual without an attorney, it is likely that some of the language could be vague or unclear. This can cause confusion and lengthen the time of probate.
A New Jersey probate attorney can interpret an unclear will and attempt to determine the original meaning. If a will cannot be understood, the attorney can assist in the distribution of assets to heirs according to New Jersey law.
Risks of Not Hiring a Probate Attorney
Not hiring a probate attorney presents a variety of risks. For example, without an attorney, someone will need to become familiar with complex New Jersey probate law and all that is required of them to avoid mistakes. Errors in executing the will or administering the estate can result in delays, fines, and loss of any posted bond.
In addition, there is a variety of paperwork that must be filed with the probate court as well as the IRS. There are potential risks in not handling this paperwork appropriately, but an attorney can assist with preparing and filing the necessary documents.
Another risk of not hiring a probate attorney is that probate can take longer. Most beneficiaries want to settle an estate quickly, so hiring an attorney is an important step.
FAQs
A probate attorney can assist the executor of an estate with preparing and filing necessary documents with the probate court and the IRS. They can also investigate claims of disputes against the will, clarify ambiguous language in a will, and act as mediators between beneficiaries when there are disputes.
Yes. Even if the estate is worth less than $50,000 and qualifies for the simplified probate process, this can take longer than needed without the help of an experienced attorney.
If there is a dispute over the will, the probate attorney can act as mediator to negotiate between beneficiaries and resolve the disputes. The attorney can also represent a beneficiary or the executor in court and propose an equitable settlement.
A probate attorney cannot help you avoid estate taxes. Federal estate taxes are charged on all estates with more than $13.13 million in assets. However, an attorney can ensure that you do not pay any more in estate taxes than is absolutely necessary.
No. Property that is jointly owned with a spouse passes automatically to the surviving spouse. Real property and vehicles can be transferred to an heir without going through probate if the deceased included a transfer on death on the title. Other assets such as IRAs, pensions, and other retirement accounts may also have named beneficiaries that do not require probate.
A typical probate can last up to one year. If an estate is worth less than $50,000 and qualifies for the streamlined process, it will be much faster.
If you live out of state and are the executor of a New Jersey estate, you will have to post a bond in a New Jersey probate court. However, you will be entitled to travel expenses in addition to the commission allowed for the executor.
Contact Rosenblum Law Today
Hiring a New Jersey probate attorney helps ensure a smooth probate process that is wrapped up as quickly as possible. It also helps avoid or handle the common errors and complications that can arise during probate, and it reduces stress for executors and beneficiaries.
Rosenblum Law probate attorneys have extensive experience in probate matters. They are experienced and compassionate in dealing with New Jersey probate for estates of any size. If you are going through probate in New Jersey, contact us today to schedule a free consultation.
Last updated: Oct 10, 2024
