Newfield, NJ Estate Planning Law Firms & Lawyers

The reason you will have to go to probate is to be able to deal with her assets, even though the assets have very little value.  The way that you will get the authority to do this is by probating her will.  Probate is VERY easy and will cost probably no more that $200.  You will then be given letters testamentary which will be evidence that you are the person who has been given the authority.  Having those letters will allow you to sell the car, and dispose of everything.  Because there is no beneficiary named on the life insurance policy, that police will be made payable to the estate, and you will be responsible for distributing the proceeds the way your grandmother wanted.  After probate, reimburse yourself for any costs, pay her last debts, open an estate account at a bank, deposit the proceeds of the life insurance and what ever you get for the sale of the car, and then distribute everything to the people named in the will. 

For estate tax purposes, this amount would be included in the estate value.  the exemption in New Jersey is any amount  under the total of $675,000.  If the estate is over that amount, estate taxes are due.

There is no concrete answer to this question. To adequately address your options you should speak with an attorney and address the timing of the POD account addition, the medical condition of the decedent and your options. We charge $100 for a one hour consultation with an attorney who will provide you with important information regarding your specific case and will able to advise you on the options that you should consider in determining your next steps, or if it involves reviewing documents and preparation in advance of the meeting, we charge $300 for the consultation, because there is over one hour of review and preparation for the meeting and one hour for the meeting.