Q: I am executer of my aunts will-her assets are all in savings accounts that are jointly held by the two of us....
Do i need to put this will in probate to distribute her assets among myself and a handful of other relatives?
A: Probably not, but any money you distribute from the account to other relatives may be considered a gift from yourself to the other relatives which could raise gift tax issues with the IRS. In addition, since the decedent was your aunt, you may have to pay NJ Inheritance Taxes which can be between 15% to 16%, and such taxes are due within 8 months of death or interest of between 6% to 10% per annum begins to accrue. You probably should have a consultation with an attorney familiar with probate and estate administration to review the whole picture to make sure there is nothing missed. Our firm can assist if you require such assistance.
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