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Posts tagged "Estate Administration"

Make sure you name an appropriate person as executor

Naming the executor of your estate is a big decision. It is easy to just jot down the first person who comes to mind. However, the person you name has very specific duties to perform. If they can't do those in accordance with the applicable laws, there is a chance that your loved ones will suffer the consequences.

Learn the duties of an estate administrator

The administrators of an estate have a lot of responsibilities. Ensuring that you meet the responsibilities head-on is necessary because you need to get the estate handled. You are facing another challenge if you were close to the person who passed away because you have to try to set your emotions aside at this point.

Estate administration might be a complex undertaking

The administrator of an estate has a lot of duties to fulfill. We recently discussed the duties of the administrator when the decedent has debts. This is only one consideration that the administrator has to think about. We understand how it might be a bit overwhelming to have to deal with the duties of estate administration when you are still trying to deal with your loved one's death.

What are your obligations if a loved one died in debt?

The death of a loved one is a sad time under any circumstances, and it can be a stressful one if you have been tasked with administering the estate. However, what if you find out that the deceased had considerable debt? What are your responsibilities?

Three reasons to get legal help with probate

Probate is the process by which courts adjudicate estates. Courts apply state laws to the matter, and they also consider the legal documents that are present in the estate, including wills and trusts. Most estates go through some version of the probate process, though certain assets can be protected from the process by placing them in trusts. Payable-on-death accounts such as life insurance policies also don't have to go through probate.

Personal representatives have duties that can vary

When someone dies, there might be a need to go through the probate process. This is necessary if the person had significant assets that need to be handled. The probate process involves the administration of the decedent's estate by the person the named executor or personal representative.

Getting your way with an incentive trust

Over your life, you worked hard to build wealth and gather assets. You might not want to leave them behind when you pass simply so they can go to waste. If you know that your heirs aren't great with money or you think they are shying away from success, you might create an incentive trust to encourage them to do something desirable.

Does your estate executor have to live in the same state?

If you are a New Jersey resident working on your estate plan, you might wonder how limited your choice of executor is. The law doesn't put that many limitations on your choice, and it doesn't limit your executor to those who live in the state of New Jersey. This is not the same in every state -- some states require an executor who lives in the same state where the estate is to be probated.

Making someone your power of attorney

In recent weeks, we've talked several times about the administration of your estate after you pass away, but in some cases, you might need assistance administering your finances while you are still alive. If you are ever incapacitated by injury or health issues, even temporarily, you might need someone to take over the helm of your financial issues. The person you choose to handle such matters must be given power of attorney over money matters so he or she can act and make decisions on your behalf.