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Cherry Hill NJ Probate & Estate Administration Law Blog

Probate litigation matters can rip families apart

Probate litigation is a serious matter that can rip families apart. The issue is that everyone sees the litigious matter as something personal. This can make it difficult for them to think logically about it, which just makes things more difficult to resolve. We understand that you want to ensure that your loved one's wishes are followed, and we are here to help you work toward that goal.

You might think that probate litigation can only occur after a person passes away, but it is possible for it to occur beforehand. Matters that have to do with the advanced directives or powers of attorney designations might have to be handled when the person is unable to speak up for themselves.

Small business owners need to have an estate plan

Many people focus on their personal assets when they are creating an estate plan. They don't realize that people who have family businesses, including farmers, should have a comprehensive estate plan that sets out what will happen to the business.

One thing that no business owner should ever do is to overlook the importance of the estate plan. If you don't have one in place, the state's laws will dictate who gets what. This might not be anything close to what you want to happen. In fact, it could mean that your family loses the business completely.

Mistakes in estate administration can be costly

The death of a loved one is likely going to have a at 5 impact on your emotions, but you can't forget that there are certain things that have to be done after the death. One of these is dealing with the estate of the person. In the estate plan, there should be an administrator named. This person is responsible for handling a lot of the duties related to closing out the estate. We realize that you probably need time to process your loss, but there are many things that you need to get taken care of for the estate.

The duties of the administrator vary greatly, but they include finding heirs and assets, preparing the final tax return, paying creditors and other similar tasks. These are very necessary, but it is understandable that it might be a lot to handle right now when you are already dealing with your loved one's death.

Make plans for your funeral but don't put them in your will

Many decisions have to be made when you are going through the estate planning process. One aspect of this might not be one that is commonly considered when you are creating your will and setting up trusts. This is the funeral planning part of the process. You might not really want to consider this but having everything spelled out clearly can help your family members considerably.

When you think of your funeral, what specific things do you want or don't want? You can spell these out in a funeral plan so that your loved ones know. Think of things like whether you want a multi-day viewing or just one day. Decide on whether you want a burial or to be cremated. The more planning you have, the fewer decisions will be left for your loved ones when you pass away.

Set your power of attorney for your finances

People who have considerable assets need to think about a plan for what they are going to do if they aren't able to make decisions by themselves. One of the options that you have is to establish a power of attorney designation. This sets up a way for your financial affairs to be handled while you can't make those choices. You just have to make sure that you handle this arrangement in the best manner that meets your needs. We can work with you to make that happen.

You have to be sure that you do this in an appropriate manner. Your power of attorney needs to be set up so that you are able to regain control again if you recover from your incapacitation. This is important since you don't want to have to continue living under someone else's rule once you can make your own decisions again. We can help you ensure that you are protected.

Sibling rivalry might appear after the death of a parent

There are many things that might lead to discontent when the final wishes of a deceased loved one are read. Some heirs might think that the will is unfair, which can cause problems with the individuals who are still living. When this occurs, trying to figure out ways to cope with the situation is a challenge.

Some people think that they are going to receive more than what they ultimately do. This is what may spark the problem. For example, if one child cares for an ailing parent in a way that takes up quite a bit of their time, they might think that they should have a larger share of the estate than the children who didn't provide any care. This is likely not how the will is set up, so these caregivers might think that they are being given the short end of the stick.

How a '5 x 5 power' in a trust can help your heirs

People who are creating an estate plan will sometimes decide that they are going to include trusts in that plan so that they can transfer assets over to their heirs more easily. This often comes with many benefits, including easy transfer and the ability to protect both the beneficiary and assets, depending on the type of trust.

One thing that some people worry about when they are creating an estate plan is turning over a lot of money to someone who might not be ready to handle the responsibility. In these cases, the grantor can choose to set terms on how the beneficiary will receive the assets from the trust. This can be through certain milestones, such as age, graduation, marriage or having children.

Estate administration duties require careful handling

The legalese in estate plans can sometimes make them difficult to interpret. Still, if you are the estate administrator, you need to understand what's going on so you can ensure that the decedent's wishes are followed. It isn't always easy to carry out the administrative duties, so we are here to help you understand the estate plan's instructions and your specific duties. To avoid legal repercussions, it is important to get everything done the proper way from the start.

Many things in an estate plan are straightforward and easy to accomplish. For example, you need to find the assets and heirs. Unless there are otherwise hidden or people who have left without a trace, you should be able to find who and what you need. Of course, there are options available if you are having trouble in this area.

Create the estate plan that cares for your loved ones

Estate planning is something that many adults don't want to have to think about very often. Unfortunately, there are many things that you might miss if you are trying to rush through the process. It is imperative that you take the time to think carefully about every component of the plan so that you can ensure it is what you want for your assets.

Throughout the process of coming up with the plan, you need to ensure that you fully understand what is going on. Each component must be considered individually. This is the only way that you can make sure that it accurately addresses your wishes.

Discuss charitable estate plan components with your heirs

There are many aspects of your life that you need to think about when you are creating your estate plan. Not only do you need to consider where you want assets to go when you pass away, but you also have to think about what you need to happen if you are ever unable to make decisions for yourself. We can work with you to come up with a step-by-step method for getting everything handled.

When you are trying to decide where your assets will go, don't forget to decide if you have any charities or nonprofits that you want to support when you are gone. You can do this through a trust if there is one that you feel should have a portion of your estate.

Law Offices of Nancy M. Rice
Representing clients in Ocean City and communities throughout New Jersey.

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CHERRY HILL, NJ 08034

Phone: 856-673-0048
Fax: 856-673-0052
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Law Offices of Nancy M. Rice
Linwood Professional Plaza
2021 New Road, Unit #9
Linwood, NJ 08221

Phone: 609-398-3447
Fax: 856-673-0052
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