What is Intestate Succession in New Jersey?

Losing a loved one is one of the hardest times a person can go through in their life. On top of their grief, there are various matters that must be handled as well. When a loved one dies without a valid will, this is known as dying intestate. In these situations, it can be worrying to wonder what happens to their assets. It is important to know that those who die intestate in New Jersey will have their assets distributed to close relatives under state “intestate succession” law. Continue reading to learn more and reach out to an experienced New Jersey estate planning attorney for assistance when facing these situations.

Which Assets Pass Intestate Succession?

The only assets that are affected by intestate succession are the ones that would have passed through a will. This usually only includes assets that are in the deceased’s own name. There are many valuable assets that do not go through the will and aren’t affected by intestate succession laws, such as:

  • Property transferred to a living trust
  • Life insurance proceeds
  • Funds in an IRA, 401(k), or other retirement accounts with a beneficiary designation
  • Securities held in a transfer-on-death account
  • Payable-on-death bank accounts
  • Property owned by the deceased with someone else as joint tenants with rights of survivorship

Who Gets Which Assets in New Jersey?

The intestate succession schedule determines who gets what assets depending on the deceased’s living relatives. If the deceased has:

If you die with: here’s what happens:
  • children but no spouse
  • children inherit everything
  • spouse but no descendants or parents
  • spouse inherits everything
  • spouse and descendants from you and that spouse, and the spouse has no other descendants
  • spouse inherits everything
  • spouse and descendants from you and that spouse, and the spouse has descendants from another relationship
  • spouse inherits the first 25% of your intestate property (but not less than $50,000 or more than $200,000), plus 1/2 of the balance
  • your descendants inherit everything else
  • spouse and descendants from you and someone other than that spouse
  • spouse inherits the first 25% of your intestate property (but not less than $50,000 or more than $200,000), plus 1/2 of the balance
  • descendants inherit everything else
  • spouse and parents
  • spouse inherits the first 25% of your intestate property (but not less than $50,000 or more than $200,000), plus 3/4 of the balance
  • parents inherit remaining intestate property
  • parents but no spouse or descendants
  • parents inherit everything
  • siblings but no spouse, descendants, or parents
  • siblings inherit everything

Contact our Firm

The planning and administration of an estate requires experienced legal guidance. If you need an effective attorney to assist you with matters of wills, trusts, and estates, or the taxes associated with them, contact Margaret M. Mahon, Esq. LLC today to schedule a consultation.