If someone dies without a will in the State of New Jersey, that person’s assets will pass according to New Jersey’s intestate succession laws. This generally only affects assets owned alone in the deceased person’s name. Certain assets, such as life insurance proceeds, property transferred to a living trust, and funds in a retirement account, do not pass through a will and are therefore not affected by New Jersey intestate succession laws.
For assets that are subject to New Jersey intestacy laws, the following guidelines apply: If you die with children but no spouse, your children inherit everything. Similarly, if you die with a spouse but no descendants or parents, the spouse inherits everything. If you die with a spouse and descendants from that spouse with that spouse having no other descendants, the spouse inherits everything. If you die with a spouse and descendants from that spouse but the spouse also has descendants from another relationship, the spouse inherits the first 25% of your intestate property (not less than $50,000 or more than $200,000), plus 1/2 of the remaining balance. Your descendants inherit everything else. If you die with a spouse and descendants from someone other than your current spouse, the spouse still inherits the first 25% of your intestate property (not less than $50,000 or more than $200,000), plus 1/2 of the remaining balance and once again, your descendants inherit everything else.
If you die with both a spouse and parents surviving, the spouse once again inherits the first 25% of your intestate property (not less than $50,000 or more than $200,000) but then inherits 3/4 of the remaining balance. Your surviving parents inherit the remaining intestate property. More simply, if you die with just parents and no spouse or descendants, your parents inherit everything. If you die with just siblings and no parents, spouses, or descendants, your siblings inherit everything.
The administrator of the estate of a person who dies without a will will have to obtain an estate surety bond in order to protect the interests of the estate and its beneficiaries in accordance with New Jersey law.
Where can you instantly purchase an estate surety bond?
Colonial Surety offers the direct and digital way to obtain estate bonds, also known as executor bonds, administrator bonds, personal representative bonds, and probate bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!