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, DMV/MVC surcharges and car insurance increases, you need
excellent legal representation. 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 customers based on moving violations.
Call
the Law Office of Kenneth Vercammen at 732-572-0500 to schedule a free
in-office consultation to hire a trial attorney.
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
For
more information, go to http://njwillsprobatelaw.com/no_will.html?id=670&a=
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