My unmarried uncle died intestate in NJ. Three bankbooks his life insurance policy were left in my name only. I'm also one of the five hei...

Question

My unmarried uncle died intestate in NJ. Three bankbooks & his life insurance policy were left in my name only. I'm also one of the five heirs sharing in his remaining estate. Are the monies I already have from the (BB & life insurance)included as part of his estate/probate? Would the total amount of these monies be deducted from my 1/5 share of the remaining assests?

Thank you for your help & assistance.

Answer

I am presuming that what was left is in your name only or was either registered in joint names with your uncle or in another type of account, such as POD or ITF account. If this is the case, while the accounts belong and have been inherited by you under the account registration, they are still included in his estate for inheritance tax purposes, but are not deductible in calculating your share of the probate (under the Will) estate. Thus, if I have a correct interpretation, you get the accounts plus 1/5 of the estate. This would also be the case if the Will left them to you, as specific bequests under the Will, and, in addition, the Will left you 1/5 of the residuary estate (what is left after specific bequests). This response is made without seeing either the account registrations or the Will language. If the actual facts differ from my presumption, my response could be different.