In New Jersey, legal issues involving real estate are fairly common, considering the wide range of topics that real estate law covers. However, some of the legal issues can still be a surprise. For example, buying a house, a common real estate legal matter, might include wire fraud from a suspicious transaction. Of course, this might not be where most people’s minds go to when they are thinking about legal issues involved in real estate. Considering the high stakes, i.e., the money involves and the potential losses, it is strongly advised not to try and attempt to tackle these legal problems on your own. Hiring an attorney well-versed in real estate law … Continued
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In short, probate is likely necessary in New Jersey, with three very specific exceptions. First, in certain rare occasions, probate is not required for estates that might fall below a certain economic threshold, eliminating the need for court supervision. Second, specific assets do not require court supervision because they transfer automatically at the time of death. Third, if the deceased person created a Living Trust, which holds assets belonging to the deceased, only those assets included in the Living Trust will not proceed through the probate process. Understanding the probate process The assets that will automatically transfer include: Real property held in joint tenancy (and forms of property that function … Continued
Recent changes in real estate law have focused primarily on addressing mortgages and foreclosures, specifically a recent bundle of real estate statutes signed into law of April 2019. The stated purpose of the new laws is to help New Jersey residents struggling against foreclosure to provide assistance at no additional financial burden to borrowers. In addition, creditors have received certain benefits from this bundle of laws as well. The two most significant real estate laws enacted into law include the New Jersey Foreclosure Mediation Act and the Mortgage Servicing Licensing Act. The New Jersey Foreclosure Mediation Act The New Jersey Foreclosure Mediation Act is the New Jersey’s legislature’s response to an … Continued
What is the municipal court? Municipal court, or the people’s court, usually conjures connotations of small-time petty offenses, if any connotations at all. Despite being the subject of a little ridicule from TV shows and the like, the municipal court in New Jersey does handle smaller offenses and is a necessary part of the legal system. These offenses can include traffic tickets. The municipal court is still considered a trial court but deals exclusively with cases involving city ordinance violations. In addition, municipal courts only have jurisdiction over matters specifically within the limits of the New Jersey municipality that it governs. What types of crimes does a municipal court handle? … Continued
If in the situation where a stockbroker or their firm has engaged in misconduct, a securities arbitration lawyer can help navigate the process of recovering financial losses. Even though arbitration is an alternative dispute resolution process less contentious than litigation, a securities arbitration lawyer can be helpful. A securities arbitration lawyer can help since arbitration proceeds similarly to a trial with regard to the presentation of the evidence and crafting persuasive arguments to the panel. This panel, usually composed of three individuals, will likely include a member from the securities industry, with the remaining two selected from professional industries such as law or accounting. After the arbitrators review the evidence … Continued
Considering the high-value stakes, the benefits of hiring a real estate law firm is simple – they make life easier. A real estate law firm has the proper education and experience in the legal aspects of real estate transactions. Regardless of being hired at the beginning or middle of a transaction, a real estate law firm can advise and guide the process until a successful conclusion. In fact, since New Jersey is a state requiring attorneys in real estate transactions, you might as well think of their work as beneficial for peace of mind. What does a real estate law firm do? Real estate lawyers are divided into two practice areas, … Continued
Though a divorce attorney is not necessary in New Jersey, having somebody there who is familiar with the law and the accompanying paperwork, a person who can remain emotionally detached during negotiations, and a lawyer who can propose solutions previously unconsidered is undeniably important. Make no mistake, though a divorce attorney is not required – it definitely makes divorce a lot easier. Division and separation of property and assets One of the most complex components of the divorce process is the division and separation of assets. The possible assets that may be divided are the primary family home, bank accounts, stock options, financial investments, retirement accounts and other compensation packages, … Continued
Even though a will attorney is not legally required for the creation of a valid will, a lawyer can help assuage some of the fears running throughout the process and can be very helpful in most situations. A valid will In New Jersey, the requirements for execution of a valid will includes three components: The will must be in writing (preferably not handwritten) The will must be signed by the person (testator) making the will The will must be witnessed by at least two adults Reasons to consult with a will attorney To explore the available options to pass assets to the next generation A will attorney can assist with … Continued
Consultation with a will lawyer is important because wills not only provide post-mortem directions for asset distribution but also instruct how to manage the remaining estate. In particular, people with larger families or more money should prepare wills to protect spouses, children, and their money. Depending on one’s goals, creation of a specific type of will better instructs remaining loved ones on how the recently deceased person would like things handled after their death. Last Will and Testament A Last Will and Testament is the most common will in New Jersey, with standard direction to loved ones after one’s passing and direction on how to divide assets among family and … Continued
Many individuals surprisingly do not have an estate plan and have never consulted with an estate planning attorney. In fact, many do not have a will, with even fewer having an estate plan. This is partially due to the stereotype that estate plans are only for people with a high net worth or large amount of assets. This is simply not true. Estate planning attorneys should be consulted by every individual that have any assets, children, or family members. Beneficial to everyone involved Without some estate planning, family members have to handle the distribution of a loved one's assets, payment of taxes and funeral arrangements on their own. These tasks only make … Continued