How To Avoid Probate In New Jersey
When someone passes away without planning how their estate will be divided, the state of New Jersey will decide how to disperse their assets. Working with the state to navigate this process with them can be extremely costly and time-consuming for anyone trying to sort things out. There are many things you can do to relieve this burden from your loved ones, and we at Campbell & Pruchnik, LLC, can help ensure your estate is ready for when you pass on.
What Steps We Can Take With You To Avoid Probate
If you leave your estate to the state for them to decide where your assets go, you cannot be sure that your estate will go where you want it to. There are many different types of actions we can take with you to make sure your estate goes where you want it to after you have passed, such as:
- Living trusts: This is a type of trust document that transfers the ownership of your property to a trustee whom you appointed. After you pass on, the trustee will be able to disperse the contents of the trust to the beneficiaries whom you had picked.
- Transfer on death: We can help register the stocks and bonds to go to a beneficiary automatically after your death. The beneficiary will be able to work with the company holding the stocks and bonds, rather than trying to go through probate. In New Jersey, you cannot use transfer on death for real estate or vehicles.
- Payable on death: We can work with you to set up your bank account to pay out to a beneficiary after you pass on. The beneficiary does not have any access to this account while you are alive.
- Joint ownership: By making another person a joint owner of property, they will be able to maintain ownership over the property after you have passed, and they will become the sole owner at that time.
Plan Your Estate In Confidence
Our lawyers have been helping clients plan their estate around the Jackson area for years, and we know how important it is to get it right the first time. If you need an attorney to help you plan for tomorrow, or even to update your wishes, we can help. Contact us by calling 732-994-6092 to schedule your initial consultation with a compassionate attorney today.