Will Appointments

 Thank you for contacting our law office in connection with a Will. Please call our office during business hours to make an an appointment for a confidential appointment.

Directions to our office are available on our website KennethVercammen.com. The website also has detailed information on legal matters that we handle. To help provide better service and answer your questions, please fill out the Confidential Will Questionnaire on KennethVercammen.com. You may want to fax or mail the interview sheet to our office prior to the appointment.

You should bring to the appointment:

1. The completed Will Questionnaire Sheet

2. Your questions written out.

3. All papers you have in connection with your Will. (Prior Wills, Living Wills, Powers of Attorney, etc.)

4. If available, you may want to bring:

Deed to Real Estate, Copy of Real Estate Tax Bills, Health Insurance Policy, Existing Nursing Home Contract (if any), Existing Life Insurance Policies, Life insurance paperwork indicating the face value, death benefit, and cash value with respect to the policy, Copies of all current bank statements, Copies of all Series E or EE bonds, Most current statement from Stockbroker, Most current Mutual Fund statements, Most current statement for IRA account, Most current statement of Qualified Retirement Account (Non-IRA), Complete copies of any Annuities, Copies of any Notes or Mortgages Receivable by you.

The scope of the services we anticipate performing for you are as follows:

1. Will review and update, if appropriate.

2. Living Will review and update, if appropriate.

3. General Durable Power of Attorney review and update, if appropriate.

At our initial meeting, we will discuss the matter, and provide a written retainer statement. I will quote you a fixed fee for the projected legal work. This way you will know at the beginning what your costs will be. Client can now pay fees by check, Visa, MasterCard, American Express, Discover, cash or money order. Once retained, we will represent your interest vigorously.

As you might imagine, we have many requests for appointments and our schedule is very full. Therefore, we ask that you make every effort to keep your appointment. If, for some reason, you are unable to do so, please notify us at least 48 hours in advance by calling 732-572-0500.

 KENNETH VERCAMMEN & ASSOCIATES, PC

ATTORNEY AT LAW

2053 Woodbridge Ave

Edison, NJ  08817

(Phone) 732-572-0500

(Fax) 732-572-0030

CONFIDENTIAL WILL QUESTIONNAIRE

         Please fill out completely and fax or mail back. This form is extremely important. Your accuracy and completeness in responding will help me best represent you. All sections and information must be filled out prior to sitting down with the attorney.

         Please be sure to check all appropriate boxes. If NONE, please state NONE. 

If NOT APPLICABLE, please state N/A or none.

PLEASE PRINT CLEARLY

1.      Your Full Name: _____________________________________________

 

2.    IF MARRIED OR SEPARATED, complete (a) and (b) below:

(a) Spouse's Full Name:

 

______________________________________________              _________

First                                Last

 

3.  Your Street Address: ____________________________________      

 

City _______________________ State ____  Zip Code ______________

             

4.    Telephone Numbers:                

 

Cell: _______________________________    ________________________

                                                                                      

Day: ____________________/Night: ________________________

 

5.    E-mail address: _______________________________________

 

6. Referred By: ___________________________________________

         If referred by a person, is this a client or attorney?  If you heard about the law office on the Internet, what search terms did you use?

 

7. Today's Date ____________________

 

       We recommend a Durable Power of Attorney in the event of your physical

or mental disability to help you with financial affairs? 

                                                                           Yes ________  No ________

 

        We recommend a Living Will telling hospitals and doctors not to prolong your life by artificial means, i.e. Terri Schiavo; Karen Quinlan?      

                                                                          Yes ________  No ________

Confidential Will Q                 Rev 2/5/15

How can we help you? What are your questions/other important information?

 

_______________________________________________________________________

 

_______________________________________________________________________

[It is required by Court Rules that all pages be filled out in person's own handwriting prior to seeing the attorney]

8.    Your Marital Status:        [  ] Single        [  ]  Married         [  ]  Separated                       [  ] Divorced        [  ]  Widowed  

                                             [  ] Domestic Partner

 

9.  Your Day/Month  of birth:  ___________________   

                                         

 

10.  Spouse Day/Month of birth:  _________________   

                                            

11.  If you are the parent or legal guardian of a minor child or minor children, please check here.  [   ]

2.  ESTATE EXECUTOR

         The person charged with administering/Probating your estate, paying taxes and/or other debts, preserving, managing, and distributing estate assets and property is called an Executor. This person should be one in whom you have trust and confidence. Your SPOUSE is usually named as primary Executor, followed by the child who lives closest to your home.

         Please provide the following information about the person you wish to name to serve in this capacity.

1. PRIMARY Choice of Executor/Personal Representative in Power of Attorney:

 

Name: _________________________     ______________________________

            First                                             Last

 

Relationship: _______________ Address: ________________________

 

2. SECOND Choice of Executor/Personal Representative in Power of Attorney:

         This individual will serve in the event that the primary executor/personal representative is not alive at the time of your death, or is unable to serve.

 

Name: _________________________     ______________________________

            First                                             Last

 

Relationship: _______________  Address: _____________________________

   The two proposed Executors must be filled out prior to meeting the attorney. We do not recommend Joint Executors, which often cause conflicts and additional work for the Estate. It is best to select one primary person, then a secondary person.

Asset Information- Must Be Completed - If none, write “none”

 

House/Real Estate Address  _________________________________________

 

Estimate Total Real Estate Value: _____________ Approx mortgage _________

 

Bank Accounts, Stocks, CDs and Assets: _______________________________

 

Approximate Amount ______________________________________________

 

Direct Beneficiaries of Accounts - If none write none ____________________

 

Other Major Assets - If none, write none _____________________________

 

Approximate Life Insurance: _________________    Beneficiary _____________

 

In the Will- Who do you want to get your assets:

 

Beneficiary (1) _______________________   Relationship _______________

 

Beneficiary (2) _______________________   Relationship _______________

 

Beneficiary (3) _______________________   Relationship _______________

    It is required that assets and beneficiaries be filled out prior to seeing the attorney

Any Specific Bequests of Money and Property:

______________________________________________________________

______________________________________________________________

 

[  ] A. MARRIED PERSONS WITH CHILD(REN) OR GRANDCHILD(REN).

       Generally most married people provide that, upon their death, property will be distributed as follows:

         1. Your estate (all property and assets not owned jointly with another person) will be distributed to your surviving spouse.

         2. If your spouse predeceases you, then your estate will be divided in equal shares among all of your living children, If any child shall predecease you, then that child's share to their children (grandchildren).

 

Names of Children:  ______________________________  Age: _____

 

_______________________________                              Age: _____

 

LIST THE NAMES AND AGES OF ALL CHILDREN EVEN IF THEY ARE OLDER THAN EIGHTEEN. IF NO CHILDREN, WRITE NONE. If no  minor children, skip page 5.

III. GUARDIAN(S) OF MINOR CHILD(REN)

       [Skip this section if you have NO minor children and DO NOT want a trust. There are substantial additional fees for preparation of a Trust]

       The surviving parent of a minor child is ordinarily entitled to be the GUARDIAN of that child. In the case of simultaneous death of you and your spouse, or if you are a single parent, you should appoint a Guardian for your minor child. It is advisable, prior to the completion of this Questionnaire, to make sure that your proposed Guardian(s) is (are) willing to serve as Guardian(s). In addition, the Guardian will also hold the monies for the minor children UNLESS you direct us otherwise. In your Will you can have any adult serve as Trustee of monies for minor children.

         Provide the following information about the person(s) you select to be Guardian(s)/Trustee(s). In the event my spouse predeceases me, I name as GUARDIAN(S)/ TRUSTEE(S):

 

1.  PRIMARY Choice of GUARDIAN / TRUSTEE:

 

Full Name: _______________________________________

 

Relationship: ______________________________________

 

2.   SECOND Choice of GUARDIAN / TRUSTEE:

 

Full Name: _______________________________________

 

Relationship: _____________________________________

 

Are there any beneficiaries with special needs, or receiving SSI or SDD? Please answer in detail

________________________________________

    Are you or any of your Beneficiaries  are not United States citizens? _______

If not US citizen, extra taxes apply.

Do you have any religious wishes on burial? ___

 [  ] B. MARRIED PERSONS WITH NO CHILD(REN) OR GRANDCHILD(REN).

       Generally most married people with no child(ren) or grandchild(ren) provide that upon their death their property will be distributed as follows:

1. Your estate (all property and assets not owned jointly with another person) will be distributed to your surviving spouse, but

2. If your spouse predeceases you, then your estate will be distributed to your living parent, or equally to your living parents. 

3. But should both of your parents predecease you, then your estate will distributed equally to your brothers and sisters or equally to the children of a predeceased brother or sister.

         Please check B above only if you wish your property distributed precisely and exactly as indicated in section B, 1 through 3, above.

Additional information on Wills, Probate and Elder Law available at www.njlaws.com

[ ] C. DIVORCED OR WIDOWED PERSONS WITH CHILD(REN) OR GRANDCHILD(REN). Generally, most divorced or widowed persons with child(ren) or grandchild(ren) provide that upon their death property will be distributed as follows:  1. Your estate (all property and assets not owned jointly with another person) will be distributed in equal shares to all of your living child(ren).

         2. But if one or more of your children predeceases you, that deceased child's share will be distributed to his or her child(ren), your grandchild(ren) in equal shares

 

[  ] D. ALTERNATE PLAN OF DISTRIBUTION - You may list specific gifts to individuals and/or divide your estate among several individuals by listing percentages to each, making sure that the percentages total 100%. You may add additional sheets if necessary or use the back of this form.  There are additional Will preparation fees if there are gifts, called specific bequests.

       PLEASE WRITE DOWN ANY QUESTIONS YOU HAVE HERE or anything else important that we should be aware. Use back of this page for additional important information:

 

______________________________________________________________

______________________________________________________________

ESTATE PLANNING

         Your estate may be subject to NJ Estate Taxation if the total of your assets exceeds $675,000.  If your assets exceed $675,000 and you desire estate planning to avoid or reduce your estate tax or require a Trust to protect a spouse, please advise Mr. Vercammen.  A Standard Will is not designed to address estate tax issues. We do not do Federal Tax Planning or Medicaid Nursing Home Planning.

                  WILLS:

T 1- Parents with minor children and trust for children                 ____________

T 2- Parents no spouse                                                                ____________

T 3- Unmarried                                                                            ____________

T 4- Parents without trust                                                           ____________

T 5- Spouse/ Children Trust if assets over $1 million?                  ____________

 

         PAYMENT WILL BE MADE BY:  (Please circle one)

Check, Credit Card (Visa, Mastercard, American Express) or Cash

Checks are payable to Vercammen PC

         Payment is required for Will, Power of Attorney and other document preparation at the first consult and prior to any documents being drafted. Minimum fee for Last Will and Testament preparation is $200 each. We charge a $150.00 consultation fee, which is credited to the preparation of the Will or other document. This $150.00 fee is non-refundable even if the documents are not prepared. If there are any changes to a draft Will, Power of Attorney, or other document, there will be a minimum charge of $75.00 per revision. The Will needs to be signed within 21 days of initial consult or an additional fee of $100.00 will be charged. Due to complexity and need to re-title assets, Fees for Trusts are minimum $2,500.

 

This form was filled out by:  _________________________

                                                      sign name

Will Format

 Last Will and Testament

of _______________________________

I, _____________________________, of ______________________, ______________, hereby make, publish, and declare this to be my Last Will and Testament and revoke all previous wills and codicils made by me.
Section 1. Identification of Family
1.01 My partner’s name is ____________________________. All references in this will to my partner, whether or not specifically named, shall mean only my partner, ______________________.
1.02 I have (no) living children or issue. [Specify names of children and whether they are minors or adults. If minors, will must also include a Guardian of Person and Estate clause in conformance with state law. Include the partner’s children in the definition of children whether biological or adopted; include any children where the partner’s adoption petition has not been finalized.]
Section 2. Nomination of Executor
2.01 I hereby nominate ________________________ to serve as my Executor. Should this person be unable or unwilling at any time to serve as my Executor, I nominate ___________________ of ________________________, ________________, to serve as my Alternate Executor.
2.02 I direct that my Executor, and any successor thereto, be permitted to serve without bond in any jurisdiction.
Section 3. Disposition of Tangible Personal Property
3.01 I give, devise, and bequeath my tangible personal property to my partner, ___________________________. My Executor may, in his/her sole discretion, sell any of the property that, in his/her opinion, is not suitable for distribution, and the proceeds thereof shall become a part of my residuary estate. If the devisee named in this section does not survive me, I direct that the said property be disposed of or distributed with the residue of my estate.
Section 4. Residuary Devise
4.01 The balance of my residuary estate shall consist of all property or money owned by me at the time of my death and not otherwise effectively disposed of in this will, including all insurance proceeds or other death benefits that are payable to my estate but excluding any property over which I may have a power of appointment, less all valid claims asserted against my estate and all expenses incurred in administering my estate, including expenses of administering nonprobate assets.
4.02 I give, devise, and bequeath the balance of my residuary estate to my partner, ________________________________, if he/she survives me.
4.03 If my partner predeceases or fails to survive me I give, devise, and bequeath the balance of my residuary estate to _________________________.
4.04 I am leaving my estate to my partner, ________________, because he/she is my life partner. I am not making these provisions out of any disrespect or lack of affection or love for my family. It is my intention that my partner, _____________________, inherit my estate. [Also, see proposed clause in Chapter 4.]
Section 5. Specific Provision Regarding My Pet(s)
5.01 If my partner, _______________________, predeceases or fails to survive me, I bequeath any pets I may own at the time of my death to ____________________. He/She is willing and able to maintain my pets in a comfortable setting with a standard of care similar to that which I had provided for them. I bequeath to ____________________, for accepting my pets under the foregoing sentence, the sum of $500 per pet. This bequest is made with the intention that such amount shall defray the costs of providing care to my pets, but without any restriction or obligation to account to any person for the use of such funds.
5.02 If __________________________ is unable to accept and care for my pets, I authorize and request my Executor to select an appropriate person who is willing and able to do so and to maintain my pets in a comfortable setting with a standard of care similar to that which I had provided for them. I bequeath to the person accepting my pets under the foregoing sentence the sum of $500 per pet. This bequest is made with the intention that such amount shall defray the costs of providing care to my pets, but without any restriction or obligation to account to any person for the use of such funds.
Section 6. Powers of Executor
6.01 My Executor, and any successor thereto, shall have all of the powers granted to Executors and fiduciaries under the probate code and other applicable laws of the state of _______, including the power to execute any joint or individual tax return on my behalf or on behalf of my estate.
6.02 My Executor shall be entitled to reasonable compensation for services actually performed and to reimbursement of expenses properly incurred.
a. My Executor shall have, in addition to any other powers, the power to invest, reinvest, sell, mortgage, lease, or otherwise transfer or dispose of any part or all of my estate, without the necessity of obtaining prior or subsequent court approval;
b. To make repairs or improvements to my property as may be deemed necessary to preserve or enhance the value of my estate;
c. To borrow funds for use in estate administration if there are insufficient liquid assets in my estate;
d. To employ persons, including attorneys, investment advisors, or other agents for assistance or advice, or not to employ such persons, as my Executor deems appropriate;
e. To compromise and settle any claims against or in favor of my estate on such terms and conditions as my Executor deems best;
f. To make determinations as to the allocation of receipts and the apportionment of expenditures between income and principal. My Executor shall not be required to follow any provision of law regarding such determinations, including [relevant chapter of state code].
6.03 My Executor may make distributions either in cash or in kind. Distributions in kind may be made at the discretion of my Executor. My Executor may make any distributions under this will either (1) directly to the beneficiary, (2) in any form allowed by applicable state law for gifts or transfers to minors or persons under disability, (3) to the beneficiary’s guardian, conservator, or caregiver for the benefit of the beneficiary, or (4) by direct payment of the beneficiary’s expenses.
Section 7. Construction and Definitions
The following rules and definitions shall apply in the construction of this instrument and in the administration of my estate:
7.01 Any reference to my “Executor” in whatever form refers to the person, persons, or institution then acting as the personal representative of my estate.
7.02 If any devisee or other beneficiary under this will dies within 30 days after my death or under such circumstances where there is insufficient evidence in the judgment of my Executor to determine whether such person has died within 30 days after my death, the devisee or beneficiary shall be deemed to have failed to survive me.
7.03 The laws of the state of _______ shall govern all questions as to the validity and construction of this.
7.04 The term “estate and death taxes” shall mean all estate, inheritance, transfer, succession, or other taxes or duties payable by reason of my death, including interest and penalties thereon.
Section 8. Payment of Taxes and Expenses
8.01 I direct my Executor to pay the expenses of administering my estate, the expenses created by reason of my death, and all estate and death taxes payable with respect to property includable in my gross estate or taxable by reason of my death, whether or not such property is part of my probate estate and whether or not such taxes are payable by my estate or by the recipient of any such property. Such taxes and expenses should be paid out of my residuary estate without apportionment.
[Optional Clause]
8.02 I direct my Executor to pay only those expenses dealing with my funeral and interment that conform to my expressed wishes. If anyone interferes with my expressed wishes concerning my funeral, memorial service, or interment, and fails to abide by those expressed wishes, that person or persons shall be wholly responsible for any and all expenses. I ask that the Court and all concerned persons in this regard honor my expressed wishes, even if those wishes run counter to those of my immediate family.

IN WITNESS WHEREOF, I hereby subscribe my name to this instrument this _____ day of _____, 20__, at __________, ___________________.

_______________________________________
Testator
Statement of Witnesses
Each of the undersigned declares, under penalty of perjury and the laws of the State of ________, that the following is true and correct. I am over the age of eighteen years and competent to be a witness to the will of ________________________. He/She signed the foregoing instrument on the _____ day of _________________, 20__, declaring it to be his/her Last Will and Testament in the presence of each of us. We, at the testator’s request and in the testator’s presence, and in the presence of each other, now subscribe our names as witnesses.
We do hereby declare that the testator signed and executed the instrument, as his/her last will, that he/she signed willingly and that he/she executed it as his/her free and voluntary act for the purposes therein expressed. We also declare that each of the witnesses, in the presence and hearing of the testator, signed the will as witness and that to the best of his or her knowledge the testator was at the time eighteen or more years of age, of sound mind, and under no constraint or undue influence.

__________________________________________
Witness Signature

__________________________________________
Witness Name

__________________________________________

__________________________________________
Witness Address

__________________________________________
Witness Signature

__________________________________________
Witness Name

__________________________________________

__________________________________________
Witness Address

What Is Estate Planning?

Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. It can involve the services of a variety of professionals, including your lawyer, accountant, financial planner, life insurance advisor, banker and broker. Estate planning covers the transfer of property at death as well as a variety of other personal matters and may or may not involve tax planning. The core document most often associated with this process is your will.  WILLS AND ESTATE PLANNING SAVE MONEY AND PROVIDE FOR YOUR LOVED ONES  By Kenneth A. Vercammen, Esq.            As average Americans, we work 80,000 hours in a lifetime, or 45 to 55 years.  In spite of all the resources and assets we earn, the vast majority of us do not take the time to create a Will.          National statistics indicate that 80% of Americans die without leaving a Will.  There are several reasons for this: fear of death; procrastination; and misinformation (people presume that only the rich need to have Wills).  Whatever the excuse, it is clear that people would benefit from having a Will.          In the absence of a Will or other legal arrangement to distribute property at death, the state must step in to administer the estate.  The result can be lengthy delays before the rightful heirs receive their property.  And because the state has no instructions from the deceased, no charitable gifts will be made. IF YOU HAVE NO WILL:          If you leave no Will or your Will is declared invalid because it was improperly prepared or is not admissible to probate: * State law determines who gets assets, not you * Additional expenses will be incurred and extra work will be required to qualify an administrator * Judge determines who gets custody of your children * Possible additional State inheritance taxes and Federal estate taxes *  If you have no spouse or close relatives the State may take your property  * The procedure to distribute assets becomes more complicated-and   the law makes no exceptions for persons in unusual need or for your own wishes. *  It may also cause fights and lawsuits within your family When loved ones are grieving and dealing with death, they shouldn’t be overwhelmed with Financial concerns.  Careful estate planning helps take care of that.          THE FOLLOWING IS A SAMPLE OF A VARIETY OF CLAUSES AND ITEMS WHICH  SHOULD BE INCLUDED IN A WILL: 1ST:  DEBTS AND TAXES 2ND: SPECIFIC BEQUESTS 3RD:  DISPOSITION TO SPOUSE 4TH: DISPOSITION OF REMAINDER OF ESTATE 5TH: CREATION OF TRUSTS FOR SPOUSE 6TH: CREATION OF TRUST FOR CHILDREN 7TH: OTHER BENEFICIARIES UNDER 21 8TH: EXECUTORS 9TH: TRUSTEES 10TH: GUARDIANS 11TH: SURETY OR BOND 12TH: POWERS 13TH: AFTERBORN CHILDREN 14TH: PRINCIPAL AND INCOME 15TH: NO ASSIGNMENT OF BEQUESTS 16TH: GENDER 17TH: CONSTRUCTION OF WILL 18TH:  NO CONTEST CLAUSE          A Will must not only be prepared within the legal requirements of the New Jersey Statutes but should also be prepared so it leaves no questions regarding your intentions. WHY PERIODIC  REVIEW IS ESSENTIAL          Even if you have an existing Will, there are many events that occur which may necessitate changes in your Will.  Some of these are: * Marriage, death, birth, divorce or separation affecting either you or  anyone named in your Will *Significant changes in the value of  your total assets or in any particular assets, which you own * A change in your domicile * Death or incapacity of a beneficiary, or death, incapacity or change in residence of a named executor, trustee or guardian of infants, or of one of the witnesses to the execution of the Will *Annual changes in tax law MAY I CHANGE MY WILL?          Yes.  A Will may be modified, added to, or entirely changed at any time before your death provided you are mentally and physically competent and desire to change your Will.  You should consider revising your Will whenever there are changes in the size of your estate. For example, when your children are young, you may think it best to have a trust for them so they do not come into absolute ownership of  property until they are mature.  Beware, if you draw lines through items, erase or write over, or add notations to the original Will, it can be destroyed as a legal document.  Either a new Will should be legally prepared or a codicil signed to legally change  portions of the Will. SAVE MONEY          Your estate will be subject to probate whether or not you have a Will and in most cases, a Will reduces the cost by eliminating the requirements of a bond.  With a well-drawn  Will, you may also reduce death taxes and other expenses.  Don’t pinch pennies now to the detriment of  your beneficiaries. We have attempted to briefly explain in this article some of the issues, techniques, and decisions involved in Wills, Estate Planning, and Administration of an Estate.  Because the matters covered are complicated and the Federal and New Jersey laws frequently change,  this article can only outline some of the many legal issues you should  consider.  The proper preparation of a Will should involve a careful analysis of  the client’s assets, family and his/her desires.           Estate Planning is the process of examining what will happen to your property when you die and arranging for its distribution in such a manner as will accomplish your objectives.          The cost of a Will depends on the size and the complexity of the estate and the plans of the person who makes the Will.           A properly drawn Simple Will without Trust costs approximately $300.00 to $500.00. It is one of the most important documents you will ever sign, and may be one of the best bargains you will ever have.          Be sure your Will takes into account the Federal Tax changes and New Jersey Inheritance Tax changes.  Also, ascertain if your Will is “self-proving”, which would dispense with having to find the Will’s witnesses after death. WHAT IS A WILL?          “A Will is a Legal  written document which, after your death, directs how your individually owned property will be distributed, who will be in charge of your property until it is distributed and  who will take care of your  minor children if the other parent should die .  You should remember that the term “property” under the law includes real estate as well as other possessions and rights to receive money or items of value.”  Everyone who has at least $3,000 in assets should have a Will.   You do not have to be wealthy, married, or near death to do some serious thinking about your Will. ADMINISTRATION OF  AN  ESTATE          If you are named the executor or executrix, you must visit the County Surrogate to probate the Will.  You will need the following items:          1. The Death  Certificate          2. The Original Will          3. Names and Addresses of decedent's, next of kin and list of beneficiaries          4. Minimum of $130.00 for Surrogate fees A NJ state inheritance tax return must be filed and the tax paid on the transfer of real or personal property within eight months after death. OTHER ITEMS OF CONCERN TO BE PREPARED BY YOUR ATTORNEY -Trusts (and Medicare Trusts) -Power of Attorney- to allow a trusted person to  administer your assets during your lifetime, either  upon disability or now -Living Wills- to state your wishes concerning  medical care in the event of your serious illness Kenneth A. Vercammen is a Middlesex County trial attorney who has published 125 articles in national and New Jersey publications on litigation topics.  He has been selected to lecture to trial lawyers by the American Bar Association, New Jersey State Bar Association and Middlesex County Bar Association.         Call our office to schedule a confidential appointment 732-572-0500

What Is a Surety Bond in a Estate Administration If No Will?

 

Why should my Will have a clause no bond required  What is a Surety Bond in a Estate Administration where there is no Will?      Why do I need to get one?  A surety bond is an insurance policy that protects the beneficiaries and creditors of the estate. Administrators are required by law to obtain a surety bond in order to be appointed. Executors may not be required to obtain a surety bond if the will waives that requirement. Source http://www.co.middlesex.nj.us/surrogate/faq.asp    A Surety bond is required when there is no Will and the spouse does not receive 100%.        Make sure your Will includes a formal “No Bond required” clause so the executor/ personal representative does not have to spend thousands of dollars being bonded.  Pull out your prior Will. Does it does not say No Bond required? If not, call an attorney to have a new Will prepared. If the Will does not say “No Bond required, usually the Executor will have to pay over $1,000 and go through the bonding process.      How do I get a Bond released? The administrator can be released from the surety bond in two ways:   ▪ Filing the original refunding bond and release forms from all beneficiaries with the Surrogate Court and stamped copies with the Insurance Company ▪ With the approval of the Superior Court of a formal accounting of the estate   In cases where a decedent leaves no will a personal representative will have to provide a New Jersey administrator bond, also referred to as a New Jersey personal representative bond.  The bond is required by the County Surrogate Court or “Will Clerk” and serves as a guarantee of certain fiduciary and legal duties.   Generally an appointed administrator or personal representative will protect a decedent’s assets, have them professionally appraised if necessary, pay valid debts and distribute the remaining property as the law directs. The New Jersey administrator bond is requested from the surviving spouse or domestic partner of the intestate deceased, if he or she will accept the administration, and if not or if there is no spouse or domestic partner, then from one oft the remaining heirs of the deceased.  If none of these parties will accept letters of administration, then the court is free to appoint who it chooses.   The New Jersey personal representative bond is contemplated under NJ 3B:15-1. The court or surrogate appointing a fiduciary must ensure faithful performance of the administrator’s  duties by requiring the fiduciary to furnish surety bond to the Superior Court in a sum and with proper conditions and surety, having due regard to the value of the estate to be administered and the extent of his authority. Where specific conditions as to a particular surety bond are prescribed by law, the New Jersey probate bond cannot be approved unless the prescribed conditions are included in the obligation.   The bond form must include certain elements.  First, the surety bond guarantees that the administrator will make an accurate inventory of the real and personal property of the decedent which has or shall come to his possession or into the hands of any other person for him, have an appraisal made of the real and personal property, and file the inventory and appraisal in the office of the clerk of the Superior Court or of the surrogate within specific time frames.   Second, the New Jersey personal representative bond guarantees that the administrator will faithfully discharge all of the duties imposed upon him according to law, making an accurate account of his administration of the estate.  The surety bond guarantees that the administrator will deliver and pay to the distributees entitled to the same, the surplus property of the decedent as may remain.   Finally, the New Jersey probate bond guarantees that the administrator will  deliver his letters of administration to the proper court, when required so to do.  An administrator (fiduciary) required by law or order of court to give a surety bond, may include as a part of the lawful expense of executing his duties a bond premium not exceeding one percent (1%) per annum on the amount of the bond and only to a corporate surety authorized under the laws of New Jersey to become surety on commercial bonds.   If at any time it becomes apparent that the New Jersey administrator bond given by a fiduciary at the time of his appointment was insufficient or has become insufficient or the surety appears to be insolvent or insufficient for the security of the estate, the court may order the fiduciary to give other or further security to the Superior Court, by bond in the same form using a different surety company.   The court will discharge a surety on the bond from liability for all acts and omissions occurring after the granting of the discharge if the administrator files a new New Jersey personal representative bond duly approved by the court.  The surety may also be relieved by moving the court to do so at any time from three months after the entry of a final judgment of distribution made after the allowance of the final accounting.    Upon proof to the satisfaction of the court that the entire estate has been distributed according to law, and that no appeal from the judgment of distribution is pending, discharge the surety on its New Jersey probate bond for the principal from any and every liability. New Jersey surety leader - See more at: http://www.suretyone.org/blog/new-jersey-administrator-bond/#sthash.hOjK37MN.dpuf   Local bonding companies Barrood Agency, Inc. Elizabeth Barrood 50 Paterson St., P.O. Box 1387 New Brunswick, NJ 08903  Fax 732-828-1980   Pavese-McCormick Agency, Inc. 3759 US Highway 1, Suite 200  Monmouth Junction, NJ 08852   732-247-9800

What Happens If You Die Without a Will?

 

If you die intestate (without a will), your states laws of descent and distribution will determine who receives your property by default. These laws vary from state to state, but typically the distribution would be to your spouse and children, or if none, to other family members. A states plan often reflects the legislatures guess as to how most people would dispose of their estate and builds in protections for certain beneficiaries, particularly minor children. That plan may or may not reflect your actual wishes, and some of the built-in protections may not be necessary in a harmonious family setting. A will allows you to alter the states default plan to suit your personal preferences.

What a Will Does Not Do

 

A Will does not govern the transfer of certain types of assets, called nonprobate property, which by operation of law or contract pass to someone else on your death. Non-probate assets which do not pass under Will          Please also remember that if you have assets such as bank accounts in joint names, or bank accounts payable upon death, these go directly to the beneficiary. If you have selected direct beneficiaries on any of your assets these pass outside your Will, including POD accounts or joint accounts. Your Will cannot change who the beneficiary is on a joint account, payable upon death accounts, or other assets such as Life Insurance policies. You would have to go directly to the bank or company where the assets are held and either direct that they change the beneficiary or not list any beneficiary at all other than your Estate. Other non-probate assets include a house owned with spouse [tenants by entirety], house in joint tenancy with non spouse,

What a Will Does

 A will provides for the distribution of property owned by you at the time of your death in any manner you choose (subject to the forced heirship laws of some states that prevent disinheriting a spouse and, in some cases, children). Your will cannot, however, govern the disposition of properties that pass outside your probate estate (such as certain joint property, life insurance, retirement plans and employee death benefits) unless they are payable to your estate.

Wills can be of various degrees of complexity and can be utilized to achieve a wide range of family and tax objectives. If a will provides for the outright distribution of assets, it is sometimes characterized as a simple will. If the will establishes one or more trusts, it is often called a testamentary trust will. Alternatively, the will may leave probate assets to a preexisting inter vivos trust (created in your lifetime), in which case it is called a pour over will. In either case, the purpose of the trust arrangement (as opposed to outright distribution) is to ensure continued property management and creditor protection for the surviving family members, to provide for charities, and to minimize taxes.

Aside from providing for the intended disposition of your property to spouse, children etc., there are a number of other important objectives that may be accomplished in your will.

* You may designate a guardian for your minor child or children if you have survived the other parent-and, by judicious use of a trust and appointment of a trustee, eliminate the need for bonds and supervision by the court regarding the care of each minor childs estate
* You may designate an executor of your estate in your will and eliminate the need for a bond; in some states the designation of an independent executor will eliminate the need for court supervision of the settlement of your estate.
* You may choose to acknowledge or otherwise provide for a child (e.g., stepchild, godchild, etc.) in whom you have an interest, an elderly parent, or other individuals.
* If you are acting as custodian for the assets of a child or grandchild under the Uniform Gift (or Transfers) to Minors Act, you may designate your successor custodian and avoid the expense of a court appointment.

Good planning can also enhance your support of religious, educational, and other charitable causes.

Non-probate assets which do not pass under Will

         Please also remember that if you have assets such as bank accounts in joint names, or bank accounts payable upon death, these go directly to the beneficiary. If you have selected direct beneficiaries on any of your assets these pass outside your Will, including POD accounts or joint accounts. Your Will cannot change who the beneficiary is on a joint account, payable upon death accounts, or other assets such as Life Insurance policies. You would have to go directly to the bank or company where the assets are held and either direct that they change the beneficiary or not list any beneficiary at all other than your Estate. Other non-probate assets include a house owned with spouse [tenants by entirety], house in joint tenancy with non spouse,