What is the Difference Between Probate and Non-Probate Assets in New Jersey?
As you plan your estate in New Jersey, you should take the time to understand the differences between probate and non-probate assets. Although this might sound like complicated legal language, the underlying concept is relatively simple to grasp. More importantly, the distinction between these two different types of assets can have a substantial impact on your estate planning process . If you would like to gain a more in-depth understanding of how your estate will function after your passing, it is always best to seek out help from a qualified legal expert. What are Probate Assets? In New Jersey, the word “probate” simply refers to the legal process that begins after you pass away and your estate is handled by the courts. Probate assets are distributed to your heirs by the court. The overall probate process involves many moving parts, including a will, the executor of your will, paying various bills and fines, collecting or liquidating assets, and much more. It goes without...