The New Jersey Surviving Spouse Affidavit of Assets and Declaration (Estate 50K or Less) is a document used by a surviving spouse to declare assets in a decedent's estate before it can be administered. It is used in cases where the total value of the estate is less than $50,000. The affidavit must be signed and notarized by the surviving spouse and contains information such as the decedent's date of death, the surviving spouse's name, address, and contact information, a description of the decedent's assets, and a declaration that the information provided is true and accurate. There are two types of New Jersey Surviving Spouse Affidavit of Assets and Declaration (Estate 50K or Less): the standard version, which is used in most cases, and the simplified version, which is used when the estate only has cash assets.
New Jersey Surviving Spouse Affidavit of Assets and Declaration (Estate 50K Or Less)
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How to fill out New Jersey Surviving Spouse Affidavit Of Assets And Declaration (Estate 50K Or Less)?
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FAQ
In New Jersey, you can make a living trust to avoid probate for virtually any asset you own?real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
New Jersey small estate affidavit An estate can be settled without formal probate in New Jersey when its value falls below the threshold determined by state law, which is $50,000 if there was a surviving spouse who wants to use the affidavit, and $20,000 for all other qualified heirs.
The Affidavit of Surviving Spouse must be done in the County where the decedent resided at time of death. Bring an original or certified copy to the Surrogate at time of application. List all the assets in the decedent's name alone in order to determine the number of true copies of the affidavits that will be required.
The affidavit can only be used if the decedent died without a will, their estate is not valued over $50,000, and the heir is the decedent's spouse/partner. Completing the affidavit will also entitle the spouse and partner to up to $10,000 of the estate before payments are made to creditors with a claim to the estate.
To qualify for a simplified probate, the estate's assets cannot exceed $20,000 in value. If a spouse survives the deceased, the husband or wife must be entitled to the entire estate. In cases where the deceased was not married, the remaining family members have the right to designate a single heir to get the assets.
Step 1 ? Make an Inventory. Create an inventory of all property.Step 2 ? Notify Other Heirs. If there is no surviving spouse, another heir may serve as affiant, meaning the person who fills out the affidavit.Step 3 ? Fill Out and File.
The decedent's total estate value is $50,000 or less if the decedent has a surviving spouse or domestic partner. The decedent's total estate value is $20,000 or less if the affiant (person completing the form) is not the decedent's spouse or partner.
Under New Jersey statute, where as estate is valued at less than $50,000, a surviving spouse, partner in a civil union, or domestic partner, may present an affidavit of a small estate before the Superior Court.