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FiveStarLaw
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What is the minimum estate amount to avoid probate in the state

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What is the minimum estate amount to avoid probate in the state of New Jersey. Is it $100,000.00 dollars or less?
Submitted: 4 years ago.
Category: Estate Law
Expert:  FiveStarLaw replied 4 years ago.
Hello,

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

If the estate is less than $20,000, a surviving spouse may use the small estate affidavit to transfer the assets.If there is no surviving spouse, an heir-at-law may use the small estate affidavit to transfer assets if the estate does not exceed $5000.

It does not appear at the probate is required.

Otherwise a probate is required if there are any assets in the decedent's estate that do not pass by operation of law. Items that are held jointly with right of survivorship, transfer on death properties and life insurance to a beneficiary pass by operation of law to the survivor and therefore are not considered assets subject to probate.



I hope that the information which I provided was helpful to you.





Thank you,
FLAandNYLAWYER
Customer: replied 4 years ago.

 

So just to confirm that I understand you correctly... Say about a total of $90,000 of assets (not including operation of law items) would not require probate of will in NJ. The $20,000 example is too small and there is no surviving spouse, just family - mother, father. etc..

 

And items such as life insurance, IRA and state pension beneficiaries etc. would therefore not be counted as they would be considered operation of law. So money held in an IRA should not be counted towards total estate amount, and would not be involved in probate.

 

thanks,

Laurie Ann

Expert:  FiveStarLaw replied 4 years ago.

So just to confirm that I understand you correctly... Say about a total of $90,000 of assets (not including operation of law items) would not require probate of will in NJ. The $20,000 example is too small and there is no surviving spouse, just family - mother, father. etc..

$90,000 of assets that do not pass by operation of law would require probate in New Jersey

 

And items such as life insurance, IRA and state pension beneficiaries etc. would therefore not be counted as they would be considered operation of law. So money held in an IRA should not be counted towards total estate amount, and would not be involved in probate.

correct

Customer: replied 4 years ago.

Thank you kindly, much appreciated....

 

Just one last final confirmation. Based upon what you have stated, if I understand you correctly, it would therefore appear to me that a total of equal to or less than $5000 in total estate amount is to be considered the minimum total estate amount allowable to avoid probate (have no surviving spouse) in the state of New Jersey.

Expert:  FiveStarLaw replied 4 years ago.

Just one last final confirmation. Based upon what you have stated, if I understand you correctly, it would therefore appear to me that a total of equal to or less than $5000 in total estate amount is to be considered the minimum total estate amount allowable to avoid probate (have no surviving spouse) in the state of New Jersey.

No--$5000 in total estate amount is the maximum total estate amount allowable to avoid probate (have no surviving spouse) in the state of New Jersey.If the total estate is more than $5000 a probate is required

Customer: replied 4 years ago.

Oh, yes, sorry about that... that was basically what I had understood and meant, nothing greater than, just came out a little backwards.

 

Thank you again... I am good to go now and ready to pay.

 

Have a great day!

 

Laurie Ann

Expert:  FiveStarLaw replied 4 years ago.
Thank you and have a great day
FiveStarLaw, Attorney
Category: Estate Law
Satisfied Customers: 36646
Experience: 25 years of experience helping people like you.
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