“How do I sell my house fast in Middlesex, NJ while going through probate?”
First of all, you need to understand the probate process before you plan your next big selling moves. Below are some FAQs we compiled so you can deal with the probate process as smoothly as you possibly can. Read on to find out more here!
What happens when there’s no will?
Luckily for families that are left to contend with no will, New Jersey offers an infinitely simpler probate process you can go through.
To qualify for this process:
- The total value of assets the deceased left behind should not exceed the amount of $20,000, and their spouse needs to be entitled to everything without probate.
- The total value of assets the deceased left behind should not exceed the amount of $20,000 and they left no surviving spouse or domestic partner behind. This means that their heir can immediately file an affidavit in court and receive all of the deceased’s assets in full.
When is probate not required?
The simplest way probate won’t be required in the slightest is if the deceased has left behind a surviving spouse. This spouse is then entitled to the entirety of their deceased spouse’s assets without the need to file for probate.
Here are some other ways to avoid probate if this doesn’t apply to you:
- A revocable living trust exists to receive all assets
- Your real estate properties are owned in joint tenantship and a right to survivorship exists
- A beneficiary is designated for the following:
– Retirement accounts
– Life insurance policies
– Bank accounts
We recommend speaking to an experienced lawyer to find out where you and your family lies in terms of probate.
Will tax be involved if the home is sold?
There is such a thing as inheritance tax, but it will only be imposed depending on who will inherit said profits from the sold home. This is imposed on remote relatives, aka cousins, siblings, nieces, nephews, and non-relatives of the deceased.
The amount taxed will need to be determined by how much the assets are valued, but you can generally expect anywhere between 11-16%. Siblings or children-in-law of the deceased can actually receive the first $25,000 free of tax as they are considered Class C dependents.
What should I do about other heirs?
Depending on the will of the deceased and how close the other heirs are to them, it’s crucial for you to start communicating with other heirs once all of you are done grieving the deceased.
This is so you can avoid conflicts in the future regarding inheritance and you can come up with a way to deal with any more expenses/taxes if you need to. The last thing you want is for you and the other heirs to get caught up in a legal battle as to who is entitled to what.
If you’re having a difficult time communicating with other heirs, seek the help of legal counsel as soon as you can.
What are the benefits of avoiding probate?
Avoiding probate will mean extra privacy for your family. The court will no longer need to pry into the distribution of your assets and you can all handle this matter privately.
Although probate is relatively easy and affordable to go through in New Jersey, this doesn’t mean that expenses won’t take its toll on any family. If you would like to cut costs, by all means, find ways to avoid probate if you’d rather keep your money for something more important in the future.
Need to learn more?
Do you have to sell your home immediately? Perhaps you’re dealing with foreclosure in New Jersey? No need to Google “sell house in foreclosure New Jersey” or any similar phrases when you can coordinate directly with Quick N Easy Offers!
We are a cash home buyer in Middlesex, NJ interested in providing 100% fair cash offers to our clients. This means that you won’t need to worry about commissions, extra fees, realtors, repairs, or even cleaning your home. We take care of all that for you!
To contact us, simply visit our homepage and fill out the blank details. See you soon!