Credit: Bigstock Elective Share in the Garden State: Waive It or Embrace It?
If no assets are bequeathed to the surviving spouse in a last will and testament, then the surviving spouse may bring a claim for elective share in the Superior Court within six months after the appointment of a personal representative of the decedent's estate.
March 20, 2023 at 10:00 AM
13 minute read
A common example that is often encountered when counseling clients about their estate planning needs: Al, 55, and Betty, 53, currently live in New Jersey and were recently married for the second time. Each has three kids from a prior marriage. Both are considered established individuals who have had significant careers resulting in substantial retirement assets, such as 401(k) plans and IRAs. Al and Betty continue to keep their own assets, including inheritances, in separate accounts. When asked how assets should be distributed in the event of death, they have both expressed that their individual assets transfer to their kids and grandchildren. What should an estate practitioner consider so that Al and Betty's wishes are effectuated? How should an estate practitioner counsel their clients?
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