Question

Submit a response that indicates - A) whether New Jersey is a state that utilizes per stirpes, per capita, or a hybrid form of the two. B) A link to the New Jersey intestacy statute.

its bus law que

Answer 1

Answer of question A – In my view New Jersey is hybrid form of per stirpes and per capita. New Jersey law provides how your estate will be distributed if you do die without a will. The property referred to in this section deals with assets in the decedent's name alone.

a) If you die leaving a spouse and children of the same marriage, the spouse will inherit the entire estate. (i.e., no stepchildren or children of a prior union)

b) If you die leaving a spouse and children of a prior union, the spouse will inherit the first 25% of the estate, but not less than $50,000 nor more than $200,000, plus one‑half of any balance of the estate. Your children take the balance equally. Grandchildren will take the share of their deceased parent.

c) If you die leaving a spouse, child or children and a stepchild, or stepchildren, the spouse will inherit the first 25% of the estate, but not less than $50,000 nor more than $200,000, plus one‑half of any balance of the estate. Your children take the balance of the estate equally. Grandchildren will take the share of their deceased parent.

d) If you die leaving a spouse and no children, but are survived by parents, the spouse will inherit the first 25% of the estate, but not less than $50,000 nor more than $200,000 plus three‑fourths of any balance of the estate. Your parents take the balance equally.

e) If you die leaving a child or children but no spouse, children will inherit equally. Grandchildren will take the share of their deceased parent.

f) If you die leaving no spouse, children or grandchildren, your parents take all. If no parent survives, your brothers and sisters will take equally. Nieces and nephews will take their deceased parent's share.

f) Where there is no immediate family, your property may go to more distant relatives (grandparents, aunts, uncles, cousins, etc.), then to stepchildren, or even revert to the State.

Answer of option B

If you die in New Jersey without having a will, then you have died intestate. This is a legal term that means that you have no will to probate once you are dead. Therefore, since you don't have a will, your estate is distributed according to New Jersey's law of intestacy.

It is important to emphasize that whether you die with or without a will not all of your hard earned assets must go through the administration process. Many assets that you acquire during your life pass outside of the will. These assets include;

a. A home that is in the joint names of you and your spouse with the right of survivorship.

b. A bank account that is in the joint names of you and another with the right of survivorship, or in your name and payable to another upon your death.

c. A life insurance policy that names another person as a beneficiary.

d. A company pension plan or a IRA or 401K plan.

In all of the above type of assets, the beneficiary or the survivor takes ownership of the entire asset upon your death. Thus, these assets do not have to go through the administration process.

If the beneficiary or the survivor in any of the above types of scenarios dies before you do, and there is not successor beneficiary or survivor named, then the beneficiary will be your estate. Thus, the property would not pass outside of your estate. Thereafter, the assets would be distributed according to the New Jersey laws of intestacy.