Has anyone gone through probate process in NJ? (insurance, condo)

[ocnjgirl]

I am in the process of getting a will done, leaving everything to my live-in bf (we have a shared home and share expenses but everything is in my name). He will need to access money in a short time frame if something happened to me as he will not qualify to take over the mortgage on the house and will need to be able to pay it off in order to stay there. I have a life insurance policy but wouldnt be enough to pay the house off today. The estate will consist of home that probably won't be paid off, an IRA and savings and checking accounts. I will most likely leave debt as well. He is also highly unorganized and would have great difficulty with a complicated process. I already have him named as my beneficiary for my IRA and all the bank accounts.

So I was going to have a trust made in order to avoid probate. The lawyer I am working with told me I don't need a trust and that a will would be all I need. When I brought up the probate process, she told me probate in NJ can be done in a couple of weeks. That contradicts everything I have read about probate. Some sites said it could take a year or longer, especially if I leave debt.

So has anyone had to go through the probate process in NJ? If so, how complicated was it, and how long did it take?

[Mightyqueen801]

Originally Posted by ocnjgirl

I am in the process of getting a will done, leaving everything to my live-in bf (we have a shared home and share expenses but everything is in my name). He will need to access money in a short time frame if something happened to me as he will not qualify to take over the mortgage on the house and will need to be able to pay it off in order to stay there. I have a life insurance policy but wouldnt be enough to pay the house off today. The estate will consist of home that probably won't be paid off, an IRA and savings and checking accounts. I will most likely leave debt as well. He is also highly unorganized and would have great difficulty with a complicated process. I already have him named as my beneficiary for my IRA and all the bank accounts.

So I was going to have a trust made in order to avoid probate. The lawyer I am working with told me I don't need a trust and that a will would be all I need. When I brought up the probate process, she told me probate in NJ can be done in a couple of weeks. That contradicts everything I have read about probate. Some sites said it could take a year or longer, especially if I leave debt.

So has anyone had to go through the probate process in NJ? If so, how complicated was it, and how long did it take?

I just did this when my mother died on March 28, 2020.

Things were different, obviously, because the courts were closed. We ended up finding a lawyer who was working closely with Bergen County probate court to set up a way to probate wills. Normally, you submit the will to probate yourself as per instructions on your county website.

But I checked the dates. Will was submitted for probate July 30, and the Notice of Probate was issued August 11.

It wasn't complicated. Needed the will and my mother's bank statements, I think.

Once we got the Letters Testamrntary, we could close out her accounts and open an estate account and pay ourselves back for the funeral and other money we had laid out since she died. Then we paid for repairs and utilities for the house while getting it cleaned out and ready to sell.

[ocnjgirl]

Originally Posted by Mightyqueen801

I just did this when my mother died on March 28, 2020.

Things were different, obviously, because the courts were closed. We ended up finding a lawyer who was working closely with Bergen County probate court to set up a way to probate wills. Normally, you submit the will to probate yourself as per instructions on your county website.

But I checked the dates. Will was submitted for probate July 30, and the Notice of Probate was issued August 11.

It wasn't complicated. Needed the will and my mother's bank statements, I think.

Once we got the Letters Testamrntary, we could close out her accounts and open an estate account and pay ourselves back for the funeral and other money we had laid out since she died. Then we paid for repairs and utilities for the house while getting it cleaned out and ready to sell.

That sounds simple enough! I will probably have debt though, I wonder if that will slow the process?

[Mightyqueen801]

Originally Posted by ocnjgirl

That sounds simple enough! I will probably have debt though, I wonder if that will slow the process?

It might. I think the most important thing is that all the necessary papers are together and complete.

Someone on the other thread you made in Economics suggested a spreadsheet where everything is laid out in one place. I think I will do that for my daughter. I've been remiss myself in not having a will made. I figured if I croak, my daughter gets anything I have anyway, which is a basically a condo with a mortgage and some minor savings. I have a life insurance policy, too. All the info for that is in a metal box, but I am going to get the will done.

[ocnjgirl]

Originally Posted by Mightyqueen801

It might. I think the most important thing is that all the necessary papers are together and complete.

Someone on the other thread you made in Economics suggested a spreadsheet where everything is laid out in one place. I think I will do that for my daughter. I've been remiss myself in not having a will made. I figured if I croak, my daughter gets anything I have anyway, which is a basically a condo with a mortgage and some minor savings. I have a life insurance policy, too. All the info for that is in a metal box, but I am going to get the will done.

Yes I’ve been putting it off too. We did do health care proxies during Covid but that’s it so far.

[1200RT]

Originally Posted by ocnjgirl

I am in the process of getting a will done, leaving everything to my live-in bf (we have a shared home and share expenses but everything is in my name). He will need to access money in a short time frame if something happened to me as he will not qualify to take over the mortgage on the house and will need to be able to pay it off in order to stay there. I have a life insurance policy but wouldnt be enough to pay the house off today. The estate will consist of home that probably won't be paid off, an IRA and savings and checking accounts. I will most likely leave debt as well. He is also highly unorganized and would have great difficulty with a complicated process. I already have him named as my beneficiary for my IRA and all the bank accounts.

So I was going to have a trust made in order to avoid probate. The lawyer I am working with told me I don't need a trust and that a will would be all I need. When I brought up the probate process, she told me probate in NJ can be done in a couple of weeks. That contradicts everything I have read about probate. Some sites said it could take a year or longer, especially if I leave debt.

So has anyone had to go through the probate process in NJ? If so, how complicated was it, and how long did it take?

What kind of lawyer is this? I've never heard of an estate planning attorney not suggesting a trust. Maybe this has to do with the boyfriend aspect?

[ocnjgirl]

Originally Posted by 1200RT

What kind of lawyer is this? I've never heard of an estate planning attorney not suggesting a trust. Maybe this has to do with the boyfriend aspect?

I don't know. Maybe because except for the house, he's already the beneficiary on my accounts?