Legal Question in Wills and Trusts in New Jersey

How do you know if a deceased parents estate is worth more than the potential legal fees involved to gain access to that estate?

Asked on 3/23/22, 9:35 am

1 Answer from Attorneys

Walter LeVine Walter D. LeVine, Esq.

The executor needs to evaluate any assets and debts. Some assets like insurance policies and retirement plans have named beneficiaries and do not go through probate. Assets owned jointly go to the surviving joint owner and also do not go through probate. Only individually owned assets like a personal bank account are probate assets. Probate assets are listed by the executor. The executor must notify the heirs of the probate assets. Checking prior year's tax returns may help as does mail sending tax information.

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Answered on 3/23/22, 10:33 am

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