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Small Estate Declaration This form is to allow the Executor(s)/Next of Kin to legally transfer shares from a person who has passed away into their name(s) and provides information in regards to how the shares can be sold.

A small estate affidavit by next of kin may be used when there is no will and the value of the estate is less than $20,000. To utilize this process in lieu of a full administration, the applicant must have detailed information regarding estate assets, such as account numbers and vehicle identification numbers.

Upon designation, the vehicle will not be considered part of an estate and no letters of administration will be required for transferring ownership of the vehicle. This can simplify matters regarding the transfer of ownership upon death, bypassing a possibly lengthy probate court process.

The state only requires you to probate a will if there are probate assets included. A probate asset is one that does not already have a beneficiary designation through other means. In some very simple estates, you can avoid probate simply by designating a beneficiary on your bank account and life insurance.

Intestate Succession for a Spouse. In New Jersey, if a husband dies without a will, the wife is entitled to inherit the first 25% of his intestate property, with a minimum amount of $50,000 and a maximum of $200,000. Additionally, she receives half of the remaining balance of the estate.

In New Jersey, you can make a living trust to avoid probate for virtually any asset you own?real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).

Listed below are some of the assets that will not have to go through probate and instead go directly to the beneficiaries. Any property in a living trust. Life insurance policies. 401(k)s, IRAs, other retirement accounts. Securities in transfer-on-death accounts. Pay-on-death bank accounts. Joint tenancy real property.

For example, New Jersey probate law allows any estate worth less than $20,000 to go through a simplified process called summary administration. If your loved one dies without a will, or intestate, you must complete the formal probate process.

Typically, if an individual passes away leaving assets worth more than $20,000 with no named beneficiary or joint owner, their estate will need to go through probate. This includes bank accounts, real property, and other tangible assets.