Many people in New Jersey have spent a lifetime accumulating a large nest egg. So, as they grow older, they may wish to start thinking about who they want to hand their assets down to. While some people will choose to execute a will or trust to accomplish this goal, others will choose to give gifts to loved ones while they are still alive. However, it is important to recognize when the federal gift tax will apply.
Sometimes people in New Jersey pass away without having created a will, meaning they died "intestate." This might be because they passed away unexpectedly, or they simply put off the process of creating a will until it was too late. Others in New Jersey may have executed a will, but do not have any other documents in their estate plan that will pass on their assets to their chosen heirs. When a person in New Jersey dies intestate or when they only have a will, their estate will be probated.