The New Jersey Probate Process
Probate is when the deceased’s instructions that were documented in a will begin to be carried out. It starts after the person dies. During this procedure, the court ensures that the will is genuine. The Responsibility of the Executor An executor of a will has a tremendous responsibility to complete several actions....
Are Your Heirs Responsible for Paying Your Debts?
In most cases, your creditors will not be able to pursue your heirs if there isn’t enough money in your estate to cover all the financial obligations. The one exception would be your spouse. After a spouse dies, his or her debts remain on the books and they still need to be paid off, meaning that they will be among...
3 Mistakes to Avoid When Designating Beneficiaries
Many people have not properly designated beneficiaries for their retirement accounts, their annuities, or their life insurance policies. The problem is that many individuals make mistakes when filling out beneficiary forms, so these important documents are left blank or completed incorrectly. If you want to make sure...
Avoid Probate Court by Opening Transfer on Death Accounts
An estate that is very complex can take as long as two years to probate, but even smaller estates will require at least six months to complete the process. It is also expensive, and Americans pay an average of about $2 billion in probate costs every year. Estate planning makes it possible for you to save your family...
Which Duties Are Held by an Executor?
Duties Commonly Performed by an Executor If you've been thinking about making a will, you will need to determine who will be the executor. Despite the importance of creating a will, less than 33% of people in the U.S. have done. When you want to prepare a will as part of your estate plan, one key component is...
Explore the Perks of Avoiding Probate
Duties Commonly Performed by an Executor If you've been thinking about making a will, you will need to determine who will be the executor. Despite the importance of creating a will, less than 33% of people in the U.S. have done. When you want to prepare a will as part of your estate plan, one key component is...
How a Special Needs Trust Works
Should You Try to Avoid Probate? With over $2 billion being spent in probate each year, more and more people are starting to wonder if probate is right for them. Probate is a lengthy process that involves validating a person's will and paying taxes on their estate. Though probate has some benefits, it is usually...
Is It Possible to Disinherit One of Your Children?
When You Should Consider Setting Up a Special Needs Trust Disability benefits like Social Security place a limit on how much income a person can receive before their benefits are reduced. In 2019 alone, disability benefits were paid to nearly 10 million people. To reduce the possibility that benefits are reduced,...
How to Dispose of Digital Assets When You Pass
How to Disinherit a Child The most common type of beneficiary in a will is the child of the deceased. However, not everyone has children who need or deserve to inherit their parents' wealth. If you are in this situation, there are a few things to know about disinheriting a child. You Are Not Legally Required to Give...
What Makes a Will Valid in New Jersey?
A trend in estate planning that continues apace with each passing year is associated with the disposition of digital assets upon a person's death. The reality is that an ever-growing number of people accumulate digital assets during life that require consideration when developing a comprehensive estate plan. Digital...
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