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Cherry Hill NJ Probate & Estate Administration Law Blog

Carefully plan how you administer your loved one's estate

The loss of a loved one is a traumatizing event in a person's life. In some cases, you know that the person is going to pass away soon. Other cases come as a total shock. No matter which one of these your loved one's death falls into, you might be the person who is faced with handling the estate.

Estate administration is a big responsibility. You have to be ready to make some decisions about what is going to happen with certain aspects of the estate. We recently discussed how the estate has to pay for some debts after a decedent's death. Knowing which debts must be paid and where the payment can come from is imperative.

Some debts die when a person dies, others don't

Many people think that when they die, their debts die with them. This is exactly what happens for some individuals who don't have an estate to leave behind, but the debts of people who do have assets when they die will have to be paid following very specific guidelines.

One thing to remember is that the life insurance policy isn't considered part of the estate. The beneficiaries of the policy don't have use the proceeds to pay off any of the debts of the decedent.

Personalize your estate plan to suit your situation

Your estate plan is a personalized account of what you want to happen when you die, as well as what needs to happen if you can't make decisions. You have to think about a variety of issues when you are making your estate plan so that you can determine what to include in this plan.

We understand that you might not be comfortable thinking about all of the questions that are likely going to come up. We are here to help make the process as easy as possible.

Don't include these items in your will

Your estate plan is something that you need to think carefully about. There are many different things that you need to include in your will; however, there are some things that shouldn't be included here. Knowing the difference can help you greatly as you create the estate plan.

One thing that you might want to plan for, but that shouldn't be placed in your estate plan, is your funeral plan. This is because the funeral plan is needed as soon as you pass away. Your will won't be read immediately, so your funeral plans won't be found if you place them in the will.

Avoiding mistakes during estate administration is necessary

Estate administration is something that is difficult to handle for some people. These duties come at a time when you are dealing with the loss of a loved one. This is why some people choose someone not related to them to handle these duties.

There are many different duties that you have when you are administering an estate. Some of these can get rather complicated, especially if you aren't familiar with the process. One of the things that you are responsible for is paying the decedent's bills; however, this might not be as easy as it sounds.

Know the types of life support measures to consider

One of the components of an estate plan is the advanced directive. This works with the powers of attorney for health care to ensure that you get treatments you are comfortable with when you aren't able to make decisions on your own.

When you are drawing up the forms that will outline your wishes, you might decide to include instructions about life support. While some people think that this means being kept alive through artificial means, there is much more to life support.

Health care directives must be considered carefully

Health care directives are an important part of your estate plans. You should make sure that you understand the purpose and limitations of these documents so that you can get everything all set up.

The purpose of the health care directives is to designate someone who can make medical decisions for you when you aren't able to make them yourself. This person is known as your power of attorney for health care.

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.

We know that you already have a lot to think about when it comes to your estate plan. This doesn't mean that it has to be difficult. Instead, you can take each issue individually and decide what you are going to do.

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.

We know that you might not know where to start when you are the administrator. We can help you learn what you need to do for the estate in question. Some estates are more complex than others, so we can help you learn about the specifics of the estate you are dealing with right now.

3 ways that you can try to avoid probate

Having to go through the probate process is something that can be costly and complicated. There are some ways that you can help your loved ones to avoid having to go through the probate process. Using these methods can save them time and money.

One thing that you can do is make sure that you have a payable on death designation on your financial accounts. This is something that you can set up on bank accounts and similar accounts. The person who you designate here can access these accounts when you pass away.

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

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Law Offices of Nancy M. Rice
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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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