Intestate Succession Lawyers in Middletown NJ

Estate Planning Ensures that Your Wishes Are Followed After Death. Without A Will, Intestate Succession Laws Often Decide Asset Distribution.

Estate planning is an important part of ensuring that your wishes, interests, and loved ones are protected after you pass, but some people procrastinate executing a will, believing that they will have ample time to do so in the future or simply not wishing to think about their mortality. However, when an individual dies without a will in place, statutory rules known as intestate laws determine how the person’s estate will be distributed. One of the many benefits of having a will in place is that rather than the government deciding who will inherit your property, you are in the driver’s seat.

If a family member dies without a will in New Jersey, a skilled estate planning attorney at Chamlin, Uliano, and Walsh will provide invaluable guidance and support as the family navigates the legal terrain and intestate succession in Belmar, Neptune, Howell, Lavallette, Holmdel, Harvey Cedars, and towns along the Jersey Shore. Reach out to our West Long Branch office by calling (732) 440-3950 to talk about your case in a personalized consultation.

Legal Landscape of Intestate Succession in New Jersey

When a person passes away without a valid will in New Jersey, their estate is distributed through a legal process called intestate succession according to New Jersey’s intestate laws. In New Jersey, intestate laws establish a hierarchy of inheritance within the family structure, which prioritizes inheritance to surviving spouses, then children, then grandchildren, and then siblings.

For example, if a woman dies intestate and is survived by her spouse, he will inherit all of her assets. If she was predeceased by her spouse but survived by two children, then her two children would split her assets evenly. If she died without a spouse or children, but her parents are alive, then her parents would inherit all of her assets. If she was predeceased by her parents without a spouse or children, then her surviving siblings would inherit her assets and split them equally. If none of the above-mentioned relatives are alive, then the estate would pass to more distant relatives. Finally, if an individual dies with no known relatives, then their assets will become the property of the State of New Jersey.

Intestate Succession Concerns Linked to NJ Estate Distribution

One obvious reason why an individual might create an estate plan is because they wish for their estate to be distributed differently than the succession rules established by New Jersey’s intestate laws. However, on the other hand, some people misguidedly believe that because their wishes are consistent with the default intestate laws, they need not engage in estate planning. Take, for example, a married couple with young children. Perhaps each of the spouses wish for the other to inherit the entirety of their estate and that is exactly how the intestate rules would dictate the estate to be divided. The danger of this approach is that it overlooks other crucial elements of estate planning, like guardianship for minor children and tax implications.

There are additional issues with the state dictating the distribution of your estate, and that is, while you may be comfortable with who will inherit from you, you will also lack control over what each person inherits. For example, if you have a piece of real estate that you would like to keep in the family, it will likely be sold, liquidated, and the proceeds divided between your heirs if you die intestate, whereas you could draft a will that leaves the property to one person and other assets to your other heirs.

Probate Exemptions and Named Beneficiaries in Intestate Succession Matters

Even if an individual dies without a will, that does not necessarily mean that all of their assets will be subject to distribution according to intestate laws. There are certain assets for which a beneficiary is already designated, like a piece of real estate that is deeded to joint tenants or a bank account with a named beneficiary. If a real estate property is held in joint tenancy, then the owners own equal shares with the right of survivorship. This means that if one owner dies, then their interest in the property passes automatically to the other joint tenant, and the property does not need to be probated.

Certain investment accounts like IRAs and 401(k)s also typically have a named beneficiary and can avoid probate or distribution under intestate laws, even when the individual does not have a will. The assets will transfer to the beneficiary automatically.

It is important to understand which assets will be subject to probate and which will not. While there are many reasons why an individual may not want their assets to be distributed via intestate succession, there are also many advantages to engaging in comprehensive estate planning to avoid probate as much as possible. Even if you have a will, your assets that are not exempt will go through probate.

Contact Wall NJ Intestate Succession Attorneys to Handle the Legal Aspects of Estate Distribution

As a general rule, you do not want the government making personal decisions for you, but that is exactly what will happen when you fail to engage in proper estate planning. For many, this endeavor can feel overwhelming, and they do not know where to start. This is where the guidance of an experienced estate planning lawyer is invaluable. At Chamlin, Ulinano, and Walsh, our accomplished team of estate planning attorneys will learn about your situation, your assets, your family, and all of your desires for your future medical care and the distribution of your estate. Together, you will ensure that these wishes are carried out through a uniquely developed estate plan.

In the event that a loved one passes away without a will or intestate, an estate planning lawyer at our Monmouth County law firm will serve as a trusted guide and advisor as the family navigates the legal landscape and probate process. If you are ready to check this important box off of your list and make a plan for your estate or revisit your existing estate plan to ensure that it still protects your current assets and wishes, we welcome you to book a consultation with us. Call (732) 440-3950 for immediate assistance with your estate planning needs in Belmar, Middletown, Manasquan, Ocean Township, Red Bank, and neighboring towns in Monmouth and Ocean County, New Jersey.