Jump to Navigation

Contact Our Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Locations

Law Offices of Nancy M. Rice
1236 Brace Road, Suite F
Cherry Hill, NJ 08034
Phone: 856-673-0048
Fax: 856-673-0052
Map and Directions

Linwood Office
Linwood Professional Plaza
2021 New Road, Unit #9
Linwood, NJ 08021
Phone: 609-398-3447
Fax: 856-673-0052
Map and Directions

2014| South Jersey's Most Influential Law Firms | SNJ BUSINESS PEOPLE| readers' choice
Subscribe to This Blog's Feed FindLaw Network

New Jersey estate planning: transferring assets without a will

There are ways to transfer property other than through a last will and testament. Many people strive to avoid having their assets go through probate through the use of estate planning. A will is only the beginning of estate planning. So much more can be done to safeguard and transfer a New Jersey resident's assets.

One way to transfer assets without them having to go through probate is through beneficiary designations. Keeping the beneficiary on things such as retirement accounts, life insurance policies, annuities and any other accounts current can ensure that these assets are transferred according to the holder's wishes. Beneficiary designations on these types of accounts will override a will even if the will was done after a beneficiary was chosen. This is why is it crucial to keep them current.

Another way to avoid probate is to own an asset jointly with "rights of survivorship" to whomever is to inherit it upon death. When the original owner dies, the joint owner will automatically become the sole owner of the asset. This is not always the most effective way to transfer property, however, because the property may become vulnerable to the joint owner's creditors and there could be tax ramifications. Also, if the joint owner dies first, the property could end up in probate anyway.

There are other ways to keep assets out of probate, such as through the use of trusts. No matter what method a New Jersey resident chooses, it may be a good idea to have some advice and assistance with putting any plan into writing. Estate planning can be as simple or complex as necessary, but it does need to comply with our state laws and include certain language to ensure one's wishes are carried out.

Source: Forbes, Estate Planning For The Rest Of Us, Liz Davidson, Sept. 12, 2013

No Comments

Leave a comment
Comment Information