21 Oct My wife died and her account has no beneficiary. What’s next?

Q. My wife died and left a bank account with no beneficiary. The bank tells me I have to go through probate. I inherited everything else. What do I have to do?
— Looking for ease

A. We’re sorry for the loss of your wife.

Here’s what you have to do.

You should probate her will, assuming she had one, said Jason Marx, chair of the Tax & Estate Planning and Elder Law & Special Needs Planning groups at Curcio Mirzaian Sirot in Roseland.

If she did not, then you should file an application with your county surrogate to be named as the administrator of your wife’s estate, he said.

“If your wife had assets titled in her name alone, then only the executor — or administrator, as the case may be — of her estate could access such assets,” Marx said. “You might also have to file a Form L-8, which is an Affidavit for Non-Real Estate Investments: Resident Decedent, to have the New Jersey inheritance tax lien released.”

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This story was originally published on Oct. 21, 2021.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.