If You Have No Will
If you leave no Will or your Will is declared invalid
because it was improperly prepared or is not admissible to probate:
* State law determines who gets assets, not you *
Additional expenses will be incurred and extra work will be required to qualify
an administrator-Surety Bond, additional costs and legal fees * Judge
determines who gets custody of your children * Possible additional State
inheritance taxes and Federal estate taxes * If you have no spouse or close
relatives the State may take your property * The procedure to distribute assets
becomes more complicated * It may also cause fights and lawsuits within your
family When loved ones are grieving and dealing with death, they shouldnt be
overwhelmed with Financial concerns.
Who dont you want to receive your assets?
Who is not the best choice to raise your children,
or safeguard your childrens money for college? Do you want children, or
grandchildren, to get money when they turn 18? Will they invest money wisely,
or go to Seaside and play games?
THE FOLLOWING IS A SAMPLE OF A VARIETY OF CLAUSES
AND ITEMS WHICH SHOULD BE INCLUDED IN A WILL: 1ST: DEBTS AND TAXES 2ND:
SPECIFIC BEQUESTS 3RD: DISPOSITION TO SPOUSE 4TH: DISPOSITION OF REMAINDER OF
ESTATE 5TH: CREATION OF TRUSTS FOR SPOUSE 6TH: CREATION OF TRUST FOR CHILDREN
7TH: OTHER BENEFICIARIES UNDER 21 8TH: EXECUTORS 9TH: TRUSTEES 10TH: GUARDIANS
11TH: SURETY OR BOND 12TH: POWERS 13TH: AFTERBORN CHILDREN 14TH: PRINCIPAL AND
INCOME 15TH: NO ASSIGNMENT OF BEQUESTS 16TH: GENDER 17TH: CONSTRUCTION OF WILL
18TH: NO CONTEST CLAUSE A will must not only be prepared within the legal
requirements of the New Jersey Statutes but should also be prepared so it
leaves no questions regarding your intentions.
WHY PERIODIC REVIEW IS ESSENTIAL
Even if you have an existing Will, there are many
events that occur which may necessitate changes in your Will. Some of these
are:
* Marriage, death, birth, divorce or separation
affecting either you or anyone named in your Will
* Significant changes in the value of your total
assets or in any particular assets which you own
* A change in your domicile
* Death or incapacity of a beneficiary, or death,
incapacity or change in residence of a named executor, trustee or guardian of
infants, or of one of the witnesses to the execution of the Will
* Annual changes in tax law
* Changes in who you like
MAY I CHANGE MY WILL?
Yes. A Will may be modified, added to, or entirely
changed at any time before your death provided you are mentally and physically
competent and desire to change your Will. You should consider revising your
Will whenever there are changes in the size of your estate. For example, when
your children are young, you may think it best to have a trust for them so they
do not come into absolute ownership of property until they are mature. Beware,
if you draw lines through items, erase or write over, or add notations to the
original Will, it can be destroyed as a legal document. Either a new Will
should be legally prepared or a codicil signed to legally change portions of
the Will.
Kenneth Vercammen's Law office represents
individuals charged with criminal, drug offenses, and serious traffic
violations throughout New Jersey. Our office also helps people with
traffic/municipal court tickets including drivers charged with Driving While
Intoxicated, Refusal and Driving While Suspended. Criminal and Motor vehicle
violations can cost you. You may have to pay high fines in court or receive
points on your drivers license. An accumulation of too many points, or certain
moving violations may require you to pay expensive surcharges to the N.J.
DMV/MVC [Motor Vehicle Commission] or have your license suspended. Don't give
up! The Law Office of Kenneth Vercammen can provide experienced attorney
representation for criminal and motor vehicle violations. When your job or
drivers license is in jeopardy or you are facing thousands of dollars in fines,
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The least expensive attorney is not always the answer. Schedule a free
in-office consultation if you need experienced legal representation in a
traffic/municipal court matter. Our website njwillsprobatelaw.com provides
information on traffic offenses we can be retained to represent people. Our
website also provides details on jail terms for traffic violations and car
insurance eligibility points. Car insurance companies increase rates or drop
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Call the Law Office of Kenneth Vercammen at
732-572-0500 to schedule a free in-office consultation to hire a trial
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Kenneth Vercammen & Associates Attorney at Law
2053 Woodbridge Ave Edison, NJ 08817 njwillsprobatelaw.com Criminal/ DWI/
Municipal Court Traffic/ Drug offenses
Intestacy is the condition of the estate of a
person who dies owning property greater than the sum of his or her enforceable
debts and funeral expenses without having made a valid will or other binding
declaration; alternatively where such a will or declaration has been made, but
only applies to part of the estate, the remaining estate forms the
"Intestate Estate". Intestacy law, also referred to as the law of
descent and distribution or intestate succession statutes, refers to the body
of common law that determines who is entitled to the property from the estate
under the rules of inheritance. See http://en.wikipedia.org/wiki/Intestacy
INTESTACY
According to the Bergen County Surrogate, It is
estimated that almost one third of Bergen County residents who die this year,
will die without a will. While I strongly encourage county residents to execute
a will-and strongly recommend a will for every Bergen County adult-this article
provides the estate procedure when a Bergen County resident dies without a
will. See http://www.co.bergen.nj.us/Surrogate/BCSC_Intest.htm
The estate of every Bergen County resident must be
settled with the Bergen County Surrogates Court unless the deceased owned no
assets individually in New Jersey. Except in that limited circumstance, an
estate must be presented to the County Surrogate before disbursement of the
deceaseds assets can occur. This estate settlement requirement applies whether
the person died with or without a will.
The estate of a person who dies without a will is
called an "intestate" estate. The Administrators responsibilities
include notifying the deceaseds next of kin of his/her death, assembling the
estates assets and disbursing those assets according to law. The applicant need
not be an attorney. In fact, most applicants complete the entire Surrogates
Court process without the need for an attorney. However, if you feel more
comfortable bringing an attorney to the Surrogates Court, you may certainly do
so.
To apply to be the Administrator of an intestate estate,
a person must bring the following to the County Surrogates Court: (1) The
original death certificate with raised seal; (2) An estimate of the gross value
(but not an item-by-item description) of the estate covering all real estate
and non-real estate (personal) assets; (3) The complete names and addresses of
the deceaseds next of kin; (4) A blank New Jersey check or cash for fees-the
average fees, excluding bonding costs, are $150-$250); (5) A formal, written
Renunciation of the right to serve as the estates Administrator signed (in the
presence of a Notary Public) by every person, if any, who has statutory
preference over the applicant to serve as the estates Administrator.
As a matter of law, the family members of the
deceased have the first right to serve as the Administrator, in the following
order of preference: spouse, children, parents, brothers and sisters. Should no
family member seek appointment, then a creditor or anyone else may do so. A
person who renounces the right to serve as Administrator may do so without
disclaiming the right to receive any of the deceaseds assets. (In contrast, by
having a will, a person can choose the individual(s) he/she wishes to take
charge and distribute his/her estates assets (the "Executor(s)").
Once the above-described five items have been
received, the Surrogate will appoint the applicant as the Administrator of the
intestate estate. In most cases, the Administrator must be bonded until the
estate has been properly assembled and distributed. This bonding fee is in
addition to the $150-250 in average fees paid by the person seeking to be
approved as Administrator. Bonding is required to protect the creditors and
beneficiaries of the estate from the possibility that the Administrator will
misuse his/her authority to their financial detriment.
There are, however, exceptions to the bonding
requirement for intestate estates. If the deceased has a surviving spouse and
no surviving parent or child, the surviving spouse need not post a bond. If the
deceased left a surviving spouse and a surviving parent or child, then there
will be no bond required of the surviving spouse for the first $50,000 of the
estate and one-half of the remainder. Otherwise, the cost of bonding is fixed
on the value of the estate. Bond premiums are currently $100 per year, if the
estate is worth $18,000 or less; $525 per year, if the estate is worth $100,000
or less. (By way of comparison, a person can have a simple Will drafted by an
attorney for $250-$350 and the will can state that the person taking charge of
the estates assets, the "Executor", shall serve without any bond.)
After the Administrator has been appointed and
bonded, the Surrogates Court will then issue Surrogates Certificates (also
known as Letters of Administration) that are used to assemble and transfer the
intestates assets. It is recommended that you order several copies of these
Certificates, especially if the assets are being held by several banks,
brokerage firms, pension plans and insurance companies. They will also be needed
to sell or transfer all real estate assets. Along with the Certificates, a
General Information brochure regarding the New Jersey Inheritance Tax is sent
by the Surrogates Court to the Administrator by mail within 5-7 business days
of his/her appointment.
Administration of the estate cannot be first
completed until several additional steps are taken. First, the Administrator
must gather the assets, pay the just debts and taxes, and then distribute the
balance of the estates assets in accordance with the law. Second, once all
assets of the estate have been disbursed, the Administrator must have each
recipient sign a Refunding Bond. The Administrator should also have the
recipient(s) sign a Release at the same time. The Surrogates Court provides,
without charge, a form combining a Release and Refunding Bond. The executed
Release and Refunding Bond (signed by the recipient in the presence of a Notary
Public) should then be filed with the Surrogates Court at a cost of $10.00 per
Bond.
See http://www.co.bergen.nj.us/Surrogate/BCSC_Intest.htm
The laws of the State of New Jersey provide for the
assets of the intestate estate to be distributed to the next of kin by
"intestate succession" as follows:
I. If you die leaving a spouse but no children,
grandchildren or parents, the surviving spouse receives all.
?II. If you die leaving a spouse and children who
are also the children of the spouse, the spouse receives the first $50,000 plus
one-half of the balance of the estate. The children receive the other one-half
of the balance divided equally amongst them. If one of your children dies
leaving children then your grandchildren take their deceaseds parents share.
However, if all of your children have died before you then all of your
grandchildren will share equally.
?III. If you die leaving a spouse and children who
are not also the children of that spouse, the spouse receives one-half, the
children receive one-half divided equally and, if applicable, the grandchildren
take their deceased parents share unless all the children are deceased. Should
that occur, all the grandchildren share equally.
?IV. If you die leaving children but no spouse, the
children receive all divided equally among them. If there are grandchildren,
they take their deceased parents share, unless all the children are deceased.
In that event, all the grandchildren share equally.
?V. If you die leaving a spouse but no children or
grandchildren, and if your mother or father is still living, your spouse
receives the first $50,000 of your estate plus one-half of the balance and your
parents (or parent, if only one survives you) receives the remainder.
?VI. If you die leaving no spouse, no children, no
grandchildren, no grandchildren and one or both of you parents survive you, the
surviving parent or parents take all divided equally. If no parent survives,
then your surviving brothers and sisters receive all divided equally.
?VII. If you die leaving no surviving spouse,
children, grandchildren, parents, brothers or sisters, then the estate will be
divided equally among those people surviving you in the closest degree of
kinship (starting with nieces and nephews) until an heir is found if possible.
?VIII. If you die leaving no surviving next of kin
without a Will, your estate assets escheat to the State of New Jersey.
In a related manner, in addition to the appointment
of an Administrator for an intestate estate, if the count resident dies leaving
a child under 18 years of age and there is no other legal guardian for that
minor child, then the Bergen County Surrogate must appoint that minor childs
guardian. The procedure for this appointment is similar to the application and
bonding process for an Administrator in the sense that the law gives certain
family members priority to serve as guardian of the deceaseds minor child,
while allowing those lower on the priority ladder to serve as long as the
appropriate written renunciations have been received by the Surrogate. (In
contrast, if the person who died had a will, the deceased could have designated
the guardian(s) of his/her minor child in the will and this designation would
have been binding upon the Surrogate and all others.
Bergen County Surrogates Court
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