HOW IS MY ESTATE DISTRIBUTED WITHOUT A WILL?

New Jersey law provides how your Estate will be distributed if you do die without a Will. The property referred to in this section deals with assets in the decedent's name alone.

A) If you die leaving a spouse or domestic partner and children of the same marriage, the spouse or domestic partner will inherit the entire estate. (i.e., no stepchildren or children of a prior union)

B) If you die leaving a spouse or domestic partner and children of a prior union, the spouse or domestic partner will inherit the first 25% of the estate, but not less than $50,000.00 nor more than $200,000.00, plus one-half of any balance of the estate. Your children take the balance equally. Grandchildren will take a portion of their deceased parent's share

C) If you die leaving a spouse or domestic partner, child or children a stepchild or stepchildren, the spouse or domestic partner will inherit the first 25% of the estate, but not less than $50,000.00 nor more than $200,000.00, plus one-half of any balance of the estate. Your children take the balance of the estate equally. Grandchildren will take a portion of their deceased parent's share.

D) If you die leaving a spouse or domestic partner and no children, but are survived by parents, the spouse or domestic partner will inherit the first 25% of the estate, but not less than $50,000.00 nor more than $200,000.00 plus three-fourths of any balance of the estate. Your parents take the balance equally.

E) If you die leaving a child or children but no spouse or domestic partner, children will inherit equally. Grandchildren will take a portion of their deceased parent's share.

F) If you die leaving no spouse or domestic partner, children or grandchildren, your parents take all. If no parent survives, your brothers and sisters will take equally.

G) Where there is no immediate family, your property may go to more distant relatives (grandparents, aunts, uncles, cousins, etc.), then to stepchildren, or even revert to the State.

Controlling Buyer's Remorse

Have you ever bought something and within hours, feel like you made the wrong decision? Or feel that you just made a big mistake? This is a very normal emotion especially among home buyers, aptly named "Buyer's remorse."

Why does this happen? No one is exacly sure but it is normal. Many studies have determined the cause to be due to stress, information overload, anxiety, or fear of the unknown. To control this emotion, however, one should not lose perspective. Buying a home is a good thing. And in this market in particular, there are lots to choose from.

To quell the nerves, do your research. For example, find out the age of the home, the type of neighborhood it's located in and above all, check out comparable purchase prices in the area. Nothing feels worse than the idea that you overpaid for a home.


Lastly, do not rush. Even if you believe in your heart of hearts that this is your one and true home for you, or that there might be another buyer pining for this property, take your time. There is something to the saying "If it's meant to be, it's meant to be."

What is Quiet Title?

Here is a strange case that has been resolved. Joe and Jane, names fictitious, purchased a tax sale certificate for a vacant lot in New Jersey. In 1965, Joe and Jane transferred the tax sale certificate to their daughter, Susan. Since 1965, Susan has paid and continued to pay the property taxes for the vacant lot. The Township even placed the property tax bills in Susan’s name. The problem arose when Susan decided to sell the vacant lot. A title search was conducted and revealed current owner “unknown.”

Apparently, when the lot was originally obtained by Joe and Jane, they never foreclosed on the property or took any action to place a Deed in their name. In order to cure this problem, Susan needed to file an action for “quiet title.”

Quiet title is a lawsuit to establish a party's title to real property against anyone and everyone, and thus "quiet" any challenges or claims to the title. Such a suit usually arises when there is some question about clear title, there exists some recorded problem (such as an old lease or failure to clear title after payment of a mortgage), an error in description which casts doubt on the amount of property owned, or an easement used for years without a recorded description. An action for quiet title requires description of the property to be "quieted," naming as defendants anyone who might have an interest (including descendants-known or unknown- of prior owners), and the factual and legal basis for the claim of title. Notice must be given to all potentially interested parties, including known and unknown, by publication. If the court is convinced title is in the plaintiff (the plaintiff owns the title), a quiet title judgment will be granted which can be recorded and thus provide legal "good title." Quiet title actions are a common example of "friendly" lawsuits in which often there is no opposition.

How to avoid Foreclosure Rescue Scams

Foreclosures are on the rise making an excellent breeding ground for scams. Rescue scams are ploys that tout they can “save your home” or “pay your mortgage.”

1. The Scheme: Homeowners are told by a “professional” entity or “foreclosure consultant” to sign over or deed the property to them. They claim that you are no longer responsible for the remaining balance on the mortgage to avoid foreclosure. They also promise to pay off the debt or to sell the house on your behalf. They proceed to rent the house back to either you or someone else. They will then dispose of your home at fair market value and you won't owe them a dime.

The Scam: Deeding over a property does not avoid a foreclosure on your record if the payments are not made or the loan not paid in full. When these clever scammers rent out your property, they collect and pocket the rent until the home goes into foreclosure. You will still be liable for the loan because you are still on the loan, not them!

2. The Scheme: If you agree to a “short sale”, (when the outstanding obligations (loans) against a property are greater than what the property can be sold for. Short sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender.) beware of an agent that says "List your home with me and I'll pay you $XXXX."

The Scam: This is illegal. One of the forms you and your real estate agent will is sign states that there is no money, you are not expecting any money and you are not receive any proceeds from the sale of your home. If you don't get it in writing, you will never collect after the sale closes. 3.

3.The Scheme: An agent says they are an expert in "Short Sales" or "Short Pays." They may claim to be an expert in this difficult field, and state that this will get you off the hook and protect your credit. Beware!

The Scam: Just because an agent has completed hundreds of short sales does not mean they will protect you! There are things that many agents will not do to protect you. Always be sure the contract is worded correctly to protect you when a buyer makes the offer to purchase your home. If not, the transaction could be reflected on your credit as your credit as "Sold Short", just as bad as a foreclosure. Your lender could issue you a "1099" for tax reporting if your agent does not prepare the contract appropriately. Once the IRS receives your 1099 with a dollar amount, it may reflect income. Guess who pays taxes on that...Not your agent! Again, your agent needs to know the right working to negotiate with your lender. Unless your loan is the original loan you purchased the home with (not a refinance), your lender, at their discretion, could seek a deficiency judgment against you for the balance owing. This judgment could follow you to the end of your days and beyond!

So, beware of those who claim to help you. Ask who are they and what will they actually do?