 The Transfer of Assets to Beneficiaries is the Essence of New Jersey Probate and Estate Administration
In order to transfer an asset that belonged to the deceased at death in NJ, the Executor or Administrator must obtain Certificate(s) of Executorship or Certificate of Administration, or Affidavits of Surviving Spouse/Next of Kin. In some instances the Executor or Administrator must also file with the Transfer Inheritance Tax Bureau for a tax waiver (see below for guidelines as to when a tax waiver is required).
New Jersey Tax Waiver Guidelines
Joint Bank Accounts in NJ Probate
If money belonging to the deceased at death is in a "joint" bank account in the name of the deceased and his/her spouse, civil union or domestic partner, parent, grandparent, child, step-child, legally adopted child or their issue, the bank may release the funds to the surviving owner upon execution of required documentation as mandated by the state. If the beneficiary is other than as above listed further action must be undertaken by the joint account holder or Executor.
Personal Accounts in New Jersey Probate
If the money belonging to the deceased at death is in the deceased's name alone but will go by Will or by law to the spouse, civil union, or domestic partner, parent, grandparent, child, step-child, legally adopted child or their issue, the bank will release the funds to the Executor or Administrator upon receipt of a surrogate's certificate, affidavits and waivers in the form required by the State of New Jersey.
If the money belonging to the deceased at death is in a bank account in the name of the deceased alone and will go by Will or by law to someone other than a spouse, civil union or domestic partner; parent, grandparent or child the bank will freeze the entire account but will release one-half of the funds upon receipt of a Certificate of Executorship or Administration or Affidavit of Surviving Spouse or Next of Kin from the individual to whom the Surrogate has issued such Certificates/Affidavits. The remainder stays frozen pending receipt of a New Jersey Tax Waiver.
Real Estate as Part of New Jersey Probate
If the only other asset in the deceased’s name alone or with someone other than a surviving spouse, civil union or domestic partner is real estate, an application can be made to the Division of NJ Taxation to release the property from New Jersey’s estate tax lien. Obtaining a tax waiver often requires submission of significant financial disclosures by the estate representative to the State of New Jersey.
Other property that requires legal transfer of title/ownership include motor vehicles, stocks, bonds and securities.
To speak with a knowledgeable probate attorney, please call Fredrick P. Niemann at 888-800-7442 or e-mail him at fniemann@hnlawfirm.com and set up an office consultation at your convenience to discuss your particular needs. He welcomes your calls and inquiries and you’ll find him easy to talk to and very approachable.
Other Obligations of the Executor/Administrator in the Probate of Estates in New Jersey
- An executor/administrator must pay all obligations of estate administration including counsel fees, executor's fees, accountant's fees. (NOTE: An Executor/Administrator is entitled by law to a fee or commission their services.)
- When all obligations of the estate are satisfied, disburse inheritance(s) to beneficiaries. Have each beneficiary execute a Refunding Bond and Release for the amount of inheritance received. Failure to obtain this document subjects the Executor to claims by creditors.
- Cause to be filed all Refunding Bonds and Releases with the Surrogate's Office. Failure to obtain this document subjects the Executor to claims by creditors.
- Obtaining New Jersey Tax Waivers in New Jersey as part of Estate Administration. A tax waiver is a document issued by the State of New Jersey which releases the property from any tax claim by the State.
- In order to acquire a tax waiver, all death and inheritance taxes due to the State must be paid. If no taxes are due, a form must be filed to demonstrate to the New Jersey Transfer Inheritance Tax Bureau that the estate property is exempt. Upon evidence that the estate is exempt from taxes and/or payment of any taxes due, the State will issue a tax waiver. Upon receipt, the tax waiver must be presented to the county clerk in the county where the property is located.
- In order to protect and ensure that all functions of the executor/administrator are performed properly, it is wise to consult with Fredrick P. Niemann, Esq. who is an estate administration and probate attorney in New Jersey. He can be reached at (888) 800-7442 or by email at fniemann@hnlawfirm.com
Fredrick P. Niemann, Esq. has working relationships with many New Jersey County Surrogate offices.
Probate lawyers serving these New Jersey Counties:
Monmouth County, Ocean County, Essex County, Cape May County, Mercer County, Middlesex County, Bergen County, Morris County, Burlington County, Union County, Somerset County, Hudson County, Passaic County
Probate Lawyers in New Jersey | Transfer Of Assets To Beneficiaries NJ Probate Administration
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