More details to this question:
My grandmother passed last week. I'm the executor to her will. She has little of value. A $3,000 life insurance policy with no named beneficiary ( it's 30+ years old ), her car, which was paid off 2 months ago, and has a Kelly Blue Book value of $4,000, and her personal possessions. She lived in a senior apartment complex, so no real estate is involved. Is it necessary for me to go through probate? I live in NJ.
1 ANSWER
2 Awards
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.
Answered on Nov 14th, 2013 at 10:32 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship