Blog & Resources

From our “Ask a Question” mailbag: I have some very nice pieces of jewelry that I would like to make sure stays in the family, passing from oldest daughter to oldest daughter. Can I form a trust in my will to hold jewelry?

Yes, in your will, you can form a trust to hold almost anything. In the past, I have formed trusts to hold real estate, artwork, and even a rather unique chair. The trust’s terms can be crafted to suit your needs, including making sure your jewelry is held for the eldest daughter.

From our “Ask a Question” mailbag: My mother passed away in Camden County, New Jersey divorced, with four adult children, leaving no will. She only owned a house, but it has a mortgage taken out by her boyfriend. How do we sell the house?

When a person dies a resident of New Jersey without a will, they die “intestate.” New Jersey has a set of rules that dictate who has the right to Petition the Camden County Surrogate to be named the Administrator of an intestate estate. In your case, all four children have this right.

From our “Ask a Question” mailbag: My brother has filed a will with the Surrogate that I believe is not my mother’s will. I want to contest the will, but how long do I have to file the will challenge?

Once the will is filed and accepted by the Surrogate, to challenge the will you must have a complaint filed in the proper format with the New Jersey Superior Court Clerk. If you are a New Jersey resident, you only have four months to file the complaint. if you live outside New Jersey, you have six months.

From our “Ask a Question” mailbag: < strong>My estate is worth about $4,000,000, which includes a $1,000,000 life insurance policy. At my death, my estate passes to my two children. Now that the Federal Estate Tax Exemption is at $5,000,000.00, what good is an Irrevocable Life Insurance Trust for me?

In rough terms, as long as your estate stays under $5,000,000.00 (adjusted for inflation) at your death your estate will not owe any Federal Estate Tax, but you are a resident of Camden County, New Jersey, so you are forgetting about the New Jersey Inheritance Tax and the New Jersey Estate Tax. If your assets pass to your children, the New Jersey Inheritance Tax will be zero, but the New Jersey Estate Tax taxes all assets over $675,000.00.

From our “Ask a Question” mailbag: For years, my parents lent money to my cousin and his wife to pay their children’s education. To my surprise, at their deaths, my cousin’s wife was named executor. She “hired” my cousin who is a CPA to handle the estate’s books. Over a year has passed and they refuse to give me any information about the estate and are calling the loans to them, “gifts”. What can I do?

I take it that you are the residuary beneficiary of the will? If so, you have the right to demand through a formal accounting to know where every penny went and a justification for every expense. You also have a right to investigate whether all those years of funding education and other money transfers were gifts or loans.

From our “Ask a Question” mailbag: My mother is incapacitated and living in an assisted living facility in Camden County, New Jersey. She appointed my brother agent under her Power of Attorney. My mother has a life insurance policy that names me as beneficiary. My brother refuses to make the payment, so the policy will soon lapse. Can I make the payment?

You certainly can make the payment, as the insurance company does not care who sends the check. The life insurance company will only care if the check clears.

From our “Ask a Question” mailbag: My stepfather died about a year ago and left me a very nice truck in his will. The executor stopped taking my calls about when I would get the truck. I just found out he used the truck to haul his boat on a recent fishing vacation. How do I get the executor to give me my inheritance?

Just when I think I’ve heard it all about bad executors, you give me a story of an executor who drives estate assets on his own fishing trip.

From our “Ask a Question” mailbag: My entire life, I have lived in Camden County, New Jersey. My parents and lived in Camden, and so do I. My father died two years ago, and my mother passed away last week. I was an only child, everything in my mother’s will was left to me, and I am executor. Do I need to probate her will, or open an estate? Her only assets were the family home (valued at $600,000) and her car.

The short answer is: yes, because you cannot transfer the deed without going through probate. In New Jersey, there are only a few cases where there is no need to probate a will.

From our “Ask a Question” mailbag: My Dad passed away this month. When he died, I found out that I was still on his Camden County apartment lease as a cosigner. The lease was signed in 2011. I had moved out in 2013, letting the management company know that I wanted off the lease. When I asked if the management company had anything for me to sign, they replied ‘no’. When I had moved out my Dad had let his brother, his son and his grandson move in. They are still there and the landlord’s been asking them for money for every day they are there past the end of last month. When my Dad died, I just thought I would be morally obligated to remove my Dad’s property and clean. Instead, I am getting a feeling that the landlord wants to hold me responsible for damages, utilities, and possible future rent. Dad had nothing and I am a stay at home mom of special needs children.

You have mentioned a number of potential issues. First, the only person who has the authority to act for your dad after he has died is the executor of his estate (if he had a will) or the administrator of his estate (if he had no will). It sounds like your dad or his estate owes the landlord some money.

From our “Ask a Question” mailbag: My mother named me her Agent under her Camden County, New Jersey Power of Attorney, and I cared for her for years. Now my sister claims I embezzled and stole money using the Power of Attorney. How do I clear my name?

As Agent, you are permitted to retain a Camden County Surrogates Court Attorney to assist you in filing a Formal Accounting of all your actions as Agent. This accounting is then provided to all interested parties, who are free to either accept the terms or object.