We defined what this is something that is and went through the reasons why it is essential to have one will. That’s great and all, but if you don’t have any? So, what should we do? Now, lest you start having panic attacks, let’s set your mind at rest by explaining something to you. Two potential outcomes may occur if you do not have a will, and now we will investigate those two outcomes in further detail with the help of a Princeton NJ estate planning lawyer. The term “affidavit” refers to the first of four types of documents.
- Declaration
An affidavit is only a written declaration of the facts, even though the word may imply that it is complicated. However, there is a wide variety available. For instance, if a person passes away but is survived by a spouse and the value of the property that they owned would be less than $20,000, an Affidavit of Former Spouse can be released to dispose of the real estate without having to involve the Administration. This allows the property to be disposed of without paying any fees.
An Affidavit of Heirs may be sent to the individual who is the dead person’s closest relative if there are heirs, but the deceased person did not have a spouse. However, bear in mind that the value of any property held solely by the dead cannot exceed $10,000, and the approval of certain persons may be necessary for some instances.
If all goes according to plan, the Surrogate will be able to issue either an Affidavit from Spouse or even an Affidavit of Heir. These documents give the identified person permission to act on behalf of the dead concerning the property specified in the paper. These records will not be accessible until the sixth day following the individual’s passing.
- Management
If the value of the property owned is more than $20,000, so there is a surviving spouse, then that person may be appointed as the Administrator of the estate, and a bond for the total market value will be posted if there are other people who are entitled to inherit it. If the property’s value is less than $20,000, then there will be no bond required.
The next-in-line heir may be appointed as administrator of the estate if there is no surviving spouse and the estate is valued at more than $10,000. The remainder of the procedure is the same as described above. Please bear in mind that there is a possibility that renunciations will be necessary.
The Surrogate Court has several requirements that applicants must meet before they may even be considered for the administrator role. This package includes a signed copy of the applicant’s qualifying documents and a certified copy of the person’s death certificate (s). Once all of the conditions have been satisfied, the letters of administration plus certificates will be given; however, this will not happen until the sixth day following the death.
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There is no need for alarm if you do not have a will. Although the attorney acknowledges that it may be helpful, he also states the following:
“There are ways to go around that,” the speaker said. If you have competent employees enthusiastic about their work, these processes, even though they may first seem pretty intimidating, are pretty simple to comprehend. Because getting up and living every day with the death of a loved one is already more than enough of a challenge, it is their responsibility to handle the challenging aspects.
