Estate planning is for everyone. Dying without a Will can complicate things for the loved ones you leave behind.
Take, for example, the famous singer/songwriter Prince, who passed away on April 21, 2016. It took over a year (May of 2017) for the Court to decide who the legal heirs to his Estate were, and that was the first step in what will be a long process. At one point, 29 people made a claim to his fortune, and even the siblings were split over who the heirs were and who would serve as Administrator. As a result, after the yearlong legal battle, a judge had to decide on the heirs, and selected a Bank to serve as Administrator.
While most people don’t have “Prince money,” and aren’t concerned about alleged heirs and fighting family members, dying without a Will can burden loved ones even in the most simple case: leaving a spouse behind. Under New Jersey law, your spouse may not be entitled to receive all of your assets if you die without a Will.
N.J.S.A. 3B:5-3 provides that if you pass away leaving a surviving spouse, he or she will receive the entire estate only if:
- You are not survived by children or a parent; or
- You are survived by children, but all children are also children of your surviving spouse, AND your surviving spouse does not have children from another relationship.
N.J.S.A. 3B:5-3 further provides how assets will be distributed in all other situations where you leave behind a surviving spouse, but do not meet either of the conditions above.
- If you have no children, but are survived by a spouse and at least one parent, your spouse will receive the first 25% of the estate (but not less than $50,000.00 or more than $200,000.00), plus 75% of the remaining balance. Your surviving parent will receive the rest.
- If you have children from another relationship, or your spouse has children from another relationship, your spouse will receive the first 25% of the estate (but not less than $50,000.00 or more than $200,000.00), plus 50% of the remaining balance. Your descendants will share in the rest.
It is important to plan so that your wishes will be followed. This is only one of the many laws governing intestacy in New Jersey that can make things very difficult for your loved ones. What happens after a spouse receives his/her share, or if he/she predeceases, can be even more troubling. I will be writing a separate blog post to go into further detail.
At Hynes Law Group, we are dedicated to ensuring that our clients’ wishes are documented and honored. We offer a free 15-20 minute phone consultation to help you determine what estate planning documents you need. Please fill out our “Contact Us” form at http://www.hyneselderlaw.com/contact-us/ to utilize this free offer.
-Jesse R. Hynes, Esq.