New Jersey Inheritance Loans and Probate Advance Law
When the estate of a deceased person goes through probate, it means the courts provide oversight of the process of distributing the assets according to the wishes of the person. Every state has laws on probate and set deadlines. The laws state what property can avoid probate and what documents are needed throughout the process.
What are New Jersey Probate Laws?
Probate laws in New Jersey are fairly straightforward. There is regular probate and also a simplified process. For either process, an executor or administrator must be named to handle the dispersal of the assets.
While the law in New Jersey does not require you to work with a probate attorney, it may be helpful if you choose to seek their legal counsel. An attorney will know about any changes in the laws regarding probate. They can help you complete the paperwork and meet deadlines. For instance, the petition to begin probate can begin just 10 days after the person’s death. An attorney will protect the interests of the heirs and help avoid delays.
What is the Probate Process in New Jersey?
Probate happens in a series of steps. It is a process that begins shortly after the person’s death and continues for months or even years until everything has been completed and approved by the court. It is important to know these steps.
- A person files a petition with the surrogate court to open probate. The court reviews the will to determine if it is valid and appoints someone as executor. Generally, it is the person who is named as executor in the will. If there is no will, the court will appoint an administrator.
- The executor must mail a notice of probate to all heirs or beneficiaries named in the will. This task must be completed within 60 days of appointment.
- The executor will generally open a bank account where all monetary assets can be placed, and everything consolidated.
- Inventory must be taken of all assets and value given, which may include an appraisal. The executor has the authority to sell assets, especially if they are needed to pay off any outstanding debts.
- The executor may request an Order Limiting Creditors, which limits creditors to nine months if they want to submit a claim. Once claims are filed, the executor is responsible for paying the debts in order of priority according to state law.
- The executor is required to file all tax returns and pay any taxes owed.
- The final step is to distribute any remaining assets to the heirs as listed in the will. The executor will need to submit an accounting record of all transactions. According to the New Jersey statutes on estates, the executor will also need to conduct a search to find out if one of the heirs owes back child support.
The executor has a great deal of responsibility and authority when it comes to handling an estate. However, they may also be held liable if they make an error. They have no control over the estate except for the powers granted by the court.
What Property Must Go Through Probate in New Jersey?
Some property might not need to go through probate if it was set up correctly. For instance, any accounts that have a named beneficiary will automatically transfer upon the death of the decedent. Some examples of these assets include the following:
- Life insurance policies
- Retirement accounts
- Checking and savings accounts
- Certificates of deposit
- Other investments with named beneficiaries
Any real property that is co-owned may transfer to the surviving owner as long as the contract stipulates this. It may be called joint tenancy or ownership with rights of survivorship.
In New Jersey, some estates may go through a simplified process. The value of the estate must be less than $20,000, and one heir receives the entire estate.
How Can You Avoid Probate in New Jersey?
You can take steps ahead of time to avoid probate in New Jersey. It is important to ensure all assets have a listed beneficiary. One of the easiest ways to accomplish this is by creating a living trust for the estate. At the death of the owner of the estate, everything included in the trust will automatically go to the named beneficiaries.
Probate can be costly and lengthy. In fact, it can last several years if there is a person who contests the will. A living trust can eliminate this timeline and the problems that come with probate.
How Can You Access New Jersey Inheritance Funds Right Away?
You may not need to wait until probate is complete before you get your inheritance. A probate cash advance will allow you to receive the funds now instead of when probate is closed. Getting a probate cash advance is easy, and you have no restrictions on what you can do with the money. The process is secure.
You can receive your inheritance funds now with ProbateAdvance. You won’t pay any interest, and you don’t have to make monthly payments. You won’t find any hidden fees, and your credit history won’t play into whether you qualify. Instead of waiting years for your funds, you can receive them in less than a week.
Do You Qualify for an Inheritance Cash Advance?
It won’t take long to find out if you qualify for a probate cash advance. All that is required is that you are an heir to an estate which is in probate. Just imagine how that money can help you. Pay your bills or make improvements to your home. Instead of waiting for years, you can receive your inheritance in just days.
What Do You Need to Receive a Probate Advance in New Jersey?
You will need to prove that you are an heir to an estate to receive a probate advance. It only requires some basic data and documentation. You will also need to figure out how much of your inheritance you want to get now. In just a few days, the money could be in your bank account.
What Areas of New Jersey Qualify for an Inheritance Loan?
You may be eligible to receive an inheritance loan from anywhere in New Jersey, including the following locations:
- Jersey City
Don’t forget to check out our resources if you want to learn more about this process and inheritance law in New Jersey.