We understand just how important matters concerning real estate are when an individual passes away. If you need a seasoned attorney who can help you through all decedent real estate matters, simply contact the Law Office of E. Gregory M. Cannarozzi today.
Real Estate Matters Involving a Decedent in New Jersey
There is a wide range of estate matters concerning real estate that everyone must consider. Our Bergen County, New Jersey estate planning lawyer is here to help you, every step of the way. We can help ensure real estate property is distributed properly.
Real Estate Trusts
One of the purposes of a real estate trust (RET) is to preserve a home or other real estate interests and transfer them to another party. Holding title to the property in a real estate trust helps ensure that one’s wishes for the orderly transfer of property are carried out. In the absence of a RET, property can unintentionally transfer to a spouse or other party. Properly structured, some of the benefits of having a RET include asset protection privacy, avoiding guardianship of the property if you become incapacitated, and ease of assigning an interest in real estate. Further, without changing public records alternate and successor trustees can be appointed if the trustee ceases to act. In addition, living trusts allow trust property to pass directly to beneficiaries without the necessity of going through the probate process.
Real Estate And Family Dispute Resolution
Sometimes ownership and control of real estate are at the heart of family legal disputes. In the case of a divorce, marital property acquired during marriage utilizing marital assets, regardless of whose name it is under is subject to equitable distribution between the husband and wife. Marital property can include real estate (including a home bought in contemplation of marriage), pension plans, vehicles, bank accounts, income tax refunds and/or household furnishings.
However, property that is inherited by one spouse and not commingled with marital assets is usually not considered marital property. If you are contractually jointly bound with your ex-spouse on a debt, a creditor can require the entire payment of the debt from your share of the marital property even though the divorce decree assigns the debt to your ex-spouse. Depending on the terms of your divorce decree, you may be obligated to pay certain support obligations under the divorce decree that are not non-dischargeable in a bankruptcy proceeding or otherwise.
As related to spousal death, in certain jurisdictions being a surviving spouse does not automatically entitle the surviving spouse to acquire all of the assets that were in the decedent’s name alone where there are surviving children of the decedent and there is no last will and testament. As an example, a surviving spouse may only be entitled to one-half of the decedent’s assets and the children of the decedent the other half. It is to be noted that this does not mean only “children” born of the marriage between the decedent and the surviving spouse. They include children born of other marriages, and adopted and acknowledged persons. Further, this includes both adults and minors.
Contact a New Jersey Estates Lawyer Today
The bottom line is that if you need an attorney to handle any decedent real estate matters on your behalf, you’re in the right place. Contact the Law Office of E. Gregory M. Cannarozzi today to schedule your initial consultation with our dedicated estate law firm.