(856) 439-6223When someone dies, the distribution of their remaining assets can often lead to disputes among their potential heirs and beneficiaries. Disputes about asset distribution are even more likely when the decedent passes away with no estate plan or will.
Dying without an estate plan or will means the decedent loses control over how their property is passed down. When you have questions about distributing the estate to heirs or beneficiaries in New Jersey, hiring an experienced estate planning attorney could ensure you retain control over who gets your assets upon death.
An Estate Administrator Oversees Asset Distribution
Regardless of whether a decedent has an estate plan or will, a court-approved executor must administer the estate and oversee matters such as the distribution of assets to heirs or beneficiaries in New Jersey. An executor of an estate has specific responsibilities and duties, such as:
- Filing documents such as the decedent’s death certificate and will with the Surrogate Court to open probate proceedings
- Identifying, appraising, and managing assets owned by the estate
- Settling debts and taxes owed by the estate
- Distributing estate property to heirs and beneficiaries in accordance with a will
When the decedent has a will, the document likely names the person they wish to serve as executor of their estate. The named executor will still need to formally file documents with the court to obtain letters of administration. Without a will or named administrator, the Surrogate Court must appoint someone to administer the estate per N.J. Rev. Stat. § 3B:10-2. The rule gives the priority to the decedent’s surviving spouse or domestic partner. When no surviving spouse exists, priority is given to the next closest kin.
Intestate Laws Control Asset Distribution When There is No Will
When a person dies with a valid will approved in probate, the executor of their estate must distribute assets and property as outlined in the estate plan. However, intestate laws in New Jersey control how the estate is distributed to heirs and beneficiaries when there is no will.
How assets are distributed depends on factors like whether the decedent has a surviving spouse, children, or other close family members. Further, whether or not the decedent’s children are descendants of their surviving spouse will impact intestate distribution.
If there are no surviving biological children or parents, the decedent’s surviving spouse will receive 100 percent of the estate. When the decedent’s surviving children are descendants of their surviving spouse, the spouse will still receive 100 percent of the estate’s assets.
If the decedent has no surviving children but surviving parents, the surviving spouse will receive 25 percent of the estate, with a minimum of $50,000 and a maximum of $200,000, plus 75 percent of the balance of any undistributed assets.
If the decedent has at least one surviving child who is not a descendant of the surviving spouse, the surviving spouse will receive 25 percent of the estate, from at least $50,000 to $200,000, plus half the balance of any undistributed assets.
Intestate succession laws are complex, and the precise distribution could require consideration of a range of factors. For example, adopted children are entitled to an intestate share under N.J. Rev. Stat. § 2A:22-3. If a biological child of the decedent has passed, their grandchildren are entitled to their intestate share under N.J. Rev. Stat. § 3B:3-41.
Some Assets Are Not Subject to Probate
Not all the decedent’s surviving assets are subject to probate proceedings if they die intestate. Some assets and property that are not subject to intestate distribution include:
- Assets with a named beneficiary or a transfer-on-death designation
- Assets transferred to a living trust
- Assets or real estate jointly owned with another person, such as real estate held in joint tenancy
A New Jersey attorney can help a client understand which assets are not subject to intestate distribution to heirs and beneficiaries.
Talk with an Attorney About New Jersey Estate Distributions
Hiring an attorney can give you peace of mind that your will is legally effective. The state’s complex intestate laws can lead to unexpected outcomes when distributing the estate to heirs or beneficiaries in New Jersey.
A lawyer could help you create an estate plan when you do not already have one. Call us today to set up an appointment.