Avoiding probate

[Reckless]

This might be useful to some.I didn't know about this till a few days ago. Transfer on death or payable on death. Your bank or broker should have the forms.

http://www.investopedia.com/terms/t/transferondeath.asp#axzz1k2qAkc4T

[paul-e]

Probate assets are only the assets that pass to a decedent's beneficiaries under the terms of a will.

Some assets can, and will, pass to the named beneficiaries under the law.
These are non-probate assets.

For example: the TOD designation that you just read.
Also named beneficiaries of life insurance, retirement accounts, and the title of jointly owned bank accounts, brokerage and stock accounts and real estate, etc.

So these assets will pass by virtue of law. No matter what yo put in your will.
So be carefull about your intentions.

Probate in the State of NJ is no big deal if you die with a will.(testate)
Unlike some states, such as Florida, you do not need an attorney as the named executor under a will, to go to court, and there are nominal fees regardless of the size of the estate.

If you die without a will(intestate) then someone will need to go to court to apply to be named the administrator, and a bond does need to be posted based upon the value of the probate estate assets.

All assets of a decedent, probate and non-probate, are included in the total estate value for determination of any applicable Federal and State estate tax due. As well as any NJ transfer and inheritance tax based upon the relationship of the decedent and the beneficiary receiving the asset.
Tax waivers from NJ will be required in most circumstances to move the assets.
 

 

[paul-e]

Oh yea...best advice is to die broke.

No taxes, no probate, and no family and friends fighting with each other over $$
 

[Bucktail]

Oh yea...best advice is to die broke.

No taxes, no probate, and no family and friends fighting with each other over $$
 

Looks like I'm in good shape then. 

[Reckless]

Paul you a lawyer? I am not sure if you are saying its a good idea or not to do this? Thanks!

[paul-e]

No I am not a Lawyer. I am a CPA and do a lot of NJ Estate and Inhertance work.

Not saying that It's a bad idea.

It is just that your will could direct how you want your assets distributed.

The TOD and POD and names on accounts mean that no matter what your will says, those assets go directly to those people.

In NJ, if you have a will, it doesn't save you any court fees as there would not be any.

And, it doesn't save any estate or inhertance taxes as those assets are also included in the total valuations.

[Reckless]

Thanks Paul!   

[BigAl13]

Thanks Paul!   

Lawyer or not Paule, when i die ill be giving you a call to help me out

[paul-e]

Thanks Paul!   

Lawyer or not Paule, when i die ill be giving you a call to help me out

Sure hope I can't hear you then. Cause you know what that means.

[BigAl13]

Thanks Paul!   

Lawyer or not Paule, when i die ill be giving you a call to help me out

Sure hope I can't hear you then. Cause you know what that means.

Yeah it means you and Kenny emptied the cooler again

[paul-e]

Thanks Paul!   

Lawyer or not Paule, when i die ill be giving you a call to help me out

Sure hope I can't hear you then. Cause you know what that means.

Yeah it means you and Kenny emptied the cooler again