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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 executor/administrator must account for and manage all assets that go through probate. These could include vehicles, real estate, bank and brokerage accounts, jewelry, artwork, collections, and other personal property. Life insurance with no named beneficiary is also a probate asset.

Non-probate assets are those with rights of survivorship or a beneficiary designation. Examples of non-probate assets are as follows: A piece of real property held by two individuals as joint tenants with rights of survivorship (or held as tenants by the entirety);

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.

Checklist: What to Include in Your Probate Inventory Bank accounts. Money market funds and certificates of deposit. Safety deposit boxes. Investments like brokerage accounts, HSAs, IRAs, and college savings funds. Retirement funds and pension plans. Business interests. Real property like homes and investment properties.

In New Jersey, whether an estate must go through the probate process primarily depends on the value and type of assets the deceased person left behind. Generally, if the decedent owned assets totaling more than $20,000 and these assets do not have a designated beneficiary or joint ownership, probate is necessary.

After the Will has been entered into Probate, the executor must within 60 days of the date of the probate give Notice of Probate (R. -6) to all beneficiaries under the Will and to all persons who would have inherited by intestacy (those next of kin listed on the Application For Probate).

Your Trip to Probate Court Most New Jersey wills cost under $200 to enter into probate, and the process is relatively straightforward. Do not let ?probate court? intimidate you. There is little chance you will need to go into a courtroom or before a judge for this proceeding.

If there are no claims against the estate within nine months of the death of the deceased, the executor can distribute the assets to beneficiaries and issue a declaration of discharge. So, nine months is essentially the minimum timeline for settling estates valued at over $20,000 in New Jersey.