New Jersey Probate | Inheritance Advances in New Jersey
The New Jersey probate process serves a vital purpose. When someone dies in New Jersey, probate allows the courts to facilitate the distribution of their estate. The local Surrogate Court and the person’s appointed executor work together to itemize assets, pay all debts and verify the deceased’s will. After the probate process is closed, all assets go to their rightful heirs.
Though probate aims to streamline the distribution of your loved one’s estate, it can be a long time before you get your inheritance. Open probate cases take at least nine months in New Jersey to account for potential claims against the estate. On average, probate could take a year or more. To alleviate your stress throughout the New Jersey probate process, we’ve created a guide to all things probate — and a solution to advance your inheritance!
Probate Process In New Jersey
In New Jersey, you can file probate no sooner than 10 days after the person’s death. There is no official deadline for how long after their death you can file, but many families try to start the process as soon as possible.
When filing probate in New Jersey, consider the state’s inheritance and estate tax laws. Although New Jersey got rid of its estate tax in 2018, they are one of few states to enforce an inheritance tax. The inheritance tax applies to close family relatives or friends of the deceased with an inheritance greater than $25,000. As of 2022, a federal estate tax is imposed on estates worth more than $12.06 million.
Is Probate Required in New Jersey?
Yes, probate is required in New Jersey, but the process can look different for everyone. Based on the existence of a valid will, the size of the estate and the types of assets, you can make the probate process work for you. 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, you must complete the formal probate process.
What Spouses in New Jersey Need to Know About Inheritance Law
If your spouse dies without a will, the New Jersey probate court’s laws ensure your inheritance. When spouses are the only heirs, they are guaranteed the entire estate. Once children or surviving parents are involved, spouses receive at least 25% of the estate. Speaking with your probate attorney can help you obtain the proper inheritance, even without a will.
How Long Does Probate Take in New Jersey?
The key problem with the probate process in New Jersey is that it can take months — if not years — to complete. The average estate in the US takes a full year and a half to finally distribute the inheritance money to the heirs. At Inheritance Funding, we believe that you deserve to get your inheritance when you need it. Having a rightful inheritance blocked for years by a legal process can prove very frustrating.
How to Avoid Probate in New Jersey
Families filing probate in New Jersey can easily become frustrated by the legal procedure. For most, the easiest way to avoid it altogether is to prepare your assets before your loved one’s passing. Assets that have joint ownership or are placed in revocable living trusts are not subject to probate.
If you’re unable to prepare these accounts, you still have options. Though probate is inevitable, IFC can help your family get what you need with an inheritance advance! Our cash advances allow heirs to receive their designated inheritance while the probate case is still open. We collaborate with New Jersey probate courts so you can be done with the process before it ends.
Access Your Inheritance In New Jersey Immediately
With an inheritance advance from IFC, you can access the money your loved one meant for you to have right away. The process is fast and easy and you decide how much of your inheritance you’d like to receive immediately. Whether you have bills to pay, car payments to make, home improvements, vacation plans, etc. – the money is yours to use however you’d like.
Since our start in 1992, we’ve advanced over $200 million to heirs awaiting their inheritances. Our team has the expertise and size to help you immediately. Let our friendly staff give you a free, no-obligation consultation. We’re more than happy to walk you through the New Jersey probate process and answer all of your questions regarding NJ inheritance. There are no hidden fees, no monthly payments, and credit and income are never an issue. There’s no need to wait years for what’s yours; call us today and access your money right away.