My wife, Rebecca's mother passed away last year. Rebecca was the beneficiary of her life insurance. Allegedly her mother, Ruth owed money to the state for overpayment of pension benefits. She was fighting it in court, but died before any decision ...
The two previous answers are on point. There are not sufficient facts in your question to provide you with a complete answer. In addition to determining whether the insurance is private insurance on insurance provided as part of your mother-in-law's employment one would need to determine whether there any other assets in your mother- in-law's estate? You should consult with an attorney specializing in probate matters to assist you in determining whether the insurance is subject to the claims of creditors.See question
I live in NJ. I made a Will and named an Executor who does not live in NJ. Someone told me that the Executor must also reside in NJ or else it creates a bonding issue.
I agree with the previous answers. The Executor of a New Jersey estate does not have to be a New Jersey resident.See question
In New Jersey, if a spouse dies intestate and has 4 children, do the children get 2/3rds of the spouse's estate?
Not necessarily. First, New Jersey intestate laws only operate as to probate assets. Probate assets are assets that pass under a Will and do not include assets such as:
• life insurance proceeds, with a designated beneficiary
• funds in an IRA, 401(k), or other retirement account, with a designated beneficiary
• securities held in a transfer-on-death account
• payable-on-death bank accounts, or
• property owned with someone else in joint tenancy or tenancy by the entirety
• property held by a trust.
These assets will pass to the surviving co-owner or to the beneficiary, whether or not the decedent has a will.
Your question does not provide enough information to determine whether the children of the decedent receive a share of assets from the decedent’s probate estate. The New Jersey intestate statute can be confusing and you should consult with an attorney. In New Jersey, if you are married and you die without a will, what your spouse receives depends on whether or not you have living parents or descendants -- and on whether the children are children of the decedent and the surviving spouse, whether the surviving spouse has children born not of the decedent, and whether the decedent has other children born not of the surviving spouse.
Are all wills filed with a gov dept? Where is the dept located for Queens NY and can anyone ask if there is a will for a deceased person?
In New York State, probate proceedings take place in the “Surrogate’s Court” in the county where the decedent lived when he/she died. If the decedent lived in Queens, New York then the Queens County Surrogate is the appropriate venue for probating the decedent's Will. The contact information for the Queens County Surrogate can be found at http://www.nycourts.gov/courts/11jd/surrogates/index.shtml.See question
Executor is not making necessary repairs to our father's home. Some were apparent before his death , others not till after. There is plenty of money to safeguard the house from further damage, and it is not being done. She will not allow any o...
I am assuming from your question that the decedent died with a Will, and that the Executor was properly appointed by the Surrogate in the county where the decedent died. It is not clear from your question, however, whether the real property passes as part of the residuary estate or whether the property is specifically gifted under the Will. This answer supposes that the assets passes under the Will as part of the residuary estate in which case the Executor has the authority to sell the property (unless otherwise specified under the Will). Under New Jersey law an Executor is a fiduciary. Fiduciaries are granted broad powers under New Jersey law, which may be limited by the Will or judgment or order of the court. Fiduciaries are bound to exercise “good faith and reasonable discretion” in executing their duties. The Executor has a duty to collect and safeguard assets. However, the Executor may in the exercise of reasonable discretion determine that the estate and all of the beneficiaries are better served by selling the house “as is” rather than spending estate resources to fix the house. You may want to inquire from the executor or the attorney representing the executor why a decision has been made not to repair the house. You may need to consult with an attorney as to what your rights are as a beneficiary and how you can best protect your interests.See question
Been divorced for a number of years. One child of the marriage is disabled and needs a special needs trust. What factors are reviewed to determine how much money should be put away? How much should be paid? Ex will most likely fight me on this...
When parents of a child with special needs decide to divorce, the use of a Special Needs Trust should carefully be investigated before finalization of the divorce decree in order to preserve the highest level of resource dependent public benefits available to the child with disabilities. Even after the divorce is finalized, parents should consider the use of a Special Needs Trust to provide for a child with disabilities. There are different types of Special Needs Trusts that can be established and it is imperative that you work with someone who specializes in this area. As a general resource to understand Special Needs Trusts I would recommend you review the Handbook for Trustees published by the Special Needs Alliance. The Handbook is available as a free download on at http://www.specialneedsalliance.org/free-trustee-handbook/
Special Needs planning is complicated. I would recommend you seek the advice of legal counsel in this matter as a general post cannot provide adequate guidance as to this issue.
All her assets, houses, dolls and store stuff is worth only $100,000 The estate is insolvent. My mother had a will, and I toke an oath with the state to settle her debt. Am I still responsible for her debt even if I can't pay it? The properti...
When a person dies, his personal assets become his “estate.” Generally speaking, debts are paid out of the estate. The Executor of an estate can hire an attorney to assist him or her in the administration of the estate. The legal fees are an administration expenses payable by the estate, and are payable before the other creditors. To avoid any personal liability, if the estate does not have the assets to pay the creditors, an Executor should follow the New Jersey statutory procedure for insolvent estates. An attorney experienced in these matters should be consulted.See question
She lived in New Jersey. There was no will so no probate was done. She left a POD bank account which paid for her burial and an IRA both where non Probatable.
Many estates do not have an obligation for federal estate taxes or New Jersey estate taxes if the estate is under $675,000 gross value -- that includes the value of all probate and non-probate assets. Whether you need to file an estate tax return depends on whether the value of the POD account and the IRA exceeds $675,000. I am assuming from the question that that is not the case. If assets passed to anyone other than a spouse, child or grandchild (Class A) beneficiary a New Jersey inheritance tax return might be required. Also keep in mind that the administrator of the estate may have to file Federal and State income tax returns for the year of death.See question
I am her trustee but I have brothers and the house is worth around 45k
Yes, when a person dies his or her estate must pay the deceased person's debts, taxes and expenses before distributing assets to the beneficiaries. Under New Jersey law, there is a certain order in which debts should be paid. The executor or administrator of the estate should first pay for reasonable funeral expenses. The costs or fees associated with administering the estate should be paid next, followed by taxes and debts. Medical expenses from the decedent's last illness are paid next, then judgments or liens. Any other outstanding debts are paid last. The executor or administrator can dispute any claims against the estate. Creditors may also be willing to negotiate with the executor or administrator for payment of a lesser amount. If there are not sufficient assets to pay all of the creditors New Jersey has a special procedure for insolvent estates and an attorney should be consulted.See question
House and other assets
I agree with the prior response that you have not provided sufficient facts to provide you with any guidance as to this question. You should consult with an attorney to determine your rights. The answer will depend on whether the decedent died with a Will, or if the decedent died without a Will in which case the New Jersey intestate statute controls.See question